Domain Australia (DHG) H2 2024 earnings summary

Executive summary

• FY 2024 revenue rose 13.1% to AUD 391.1 million, with net profit up 27.9% to AUD 49.4 million and EBITDA up 26.2%, driven by strong depth product uptake and audience growth.

• Marketplace strategy focused on product innovation, data enrichment, and technology investment, supporting growth in listings and audience engagement.

• Key product launches, including Platinum Edge and Audience Boost, accelerated depth penetration and premium product adoption.

• Unique audience grew 10% YoY, with average revenue per listing up 18% and national listings coverage exceeding pre-price increase levels.

• Exit from Domain Home Loans joint venture finalized; DHL classified as discontinued operation.

Financial highlights

• Revenue: AUD 391.1 million (+13.1% YoY); EBITDA: AUD 137.1 million (+26.2% YoY); EBIT: AUD 92.7 million (+32% YoY).

• Net profit attributable to members: AUD 49.4 million; adjusted net profit: AUD 56.4 million (+24% YoY).

• EPS: AUD 0.078 (statutory, +27.8% YoY), AUD 0.089 (adjusted, +24% YoY); full-year dividend: AUD 0.06 per share, unchanged YoY.

• Group EBITDA margin expanded to 35% (from 31.4%); core digital margin at 45.8%.

• Cash from trading: AUD 117.4 million (up from AUD 66.2 million in FY 2023); net debt reduced to AUD 150.8 million (from AUD 185.8 million); leverage ratio improved to 1.10x.

Outlook and guidance

• FY 2025 revenue growth underpinned by 8% price increase and continued depth product uptake; listings growth expected in low single digits.

• Cost base to rise high single- to low double-digit %, mainly from foundational tech investment and Audience Boost; stable EBITDA margins anticipated.

• Early FY 2025 trading shows 4% YoY listings growth, with positive momentum in key markets.