Australia’s PropTech Group (ASX:PTG) today announced that it had…

The PropTech Group Limited (ASX: PTG) (“Company” or “PropTech Group”), a leading investor in and operator of PropTech companies in Australia, the United Kingdom, and New Zealand, is pleased to release its full year results for financial year ended 30 June 2021 (“FY2021”)

PropTech Group continued to grow its revenue with a 29% increase from $4.9m in the first six months of FY2021 (“1H FY2021”) to $6.3m in the second half of the financial year (“2H FY2021”).

Financial highlights for FY2021 include:

Corporate highlights for FY2021 include:

Operational highlights for FY2021 include:

Subsequent event highlights for FY2021 include:

Subsequent to the end of the financial year, the PropTech Group:

Results Overview

Basis of Preparation – Statutory

The acquisition by the Company (the legal parent) of RECRM (the legal subsidiary) is deemed to be a reverse acquisition under the principles of AASB 3 “Business Combinations” since the substance of the transaction is such that the former shareholders of RECRM are deemed to have effectively acquired the Company. As a result of the reverse acquisition treatment, RECRM is considered the accounting acquirer, and the Company is deemed to be the accounting acquiree.

Therefore, the Financial Information in the Appendix 4E and the full year financial report for the period ended 30 June 2021 has been prepared according to AASB 3.  This means RECRM has been accounted for 1 July 2020 – 30 June 2021, while the Company has been consolidated from 1 November 2020 to 30 June 2021.

Financial Results for Continuing Operations

During FY2021, PropTech Group total revenues and other income was $11,630,378, with a loss for the consolidated entity after providing for income tax amounting to ($1,001,353).

The Group had an Underlying EBITDA for the period of $1,927,000, which excluded any non-operating items.

The above numbers should be read in conjunction with the full year accounts.

CEO Joe Hanna said “Financial year 2020 was a transformative one for the PropTech Group.  Since re-listing in November 2020 PropTech Group has made several strategic acquisitions and extended our leading market share of real estate agencies using our CRM SaaS products in Australia and New Zealand.

“We have doubled our team since re-listing in November growing from 51 to 103 as of June 30 with a strong focus on expanding the product and technology teams along with sales and marketing personnel.  Our newly formed centralised business development, account management and marketing teams are working closely with our customers to help them navigate the PropTech landscape utilising best in breed technology to help streamline their business and maximise profitability.

“The company achieved a 29% growth in total operating revenue, 25% growth in ARR, and 22% growth in SaaS revenues in the second half the financial year compared to the first half driven by increasing ARPA and expanding our market share. We ended the 2020 financial year strong with annualised monthly recurring revenue of $12.4 million.

Looking ahead the Company will continue to drive strong growth through a combination of organic and inorganic initiatives.”

*** Ends ***

Release of market announcement authorised by Joe Hanna, CEO and Managing Director.

About the PropTech Group

The PropTech Group is an Australian listed company that focuses on investing in and operating PropTech companies that primarily serve the Australian, United Kingdom, and New Zealand real estate markets.

Key assets include the market leading real estate sales CRM software VaultRE, Eagle Software and MyDesktop in Australia and New Zealand, Real Estate Investar, VaultEA in the United Kingdom, Website Blue, Designly and Rent Find Inspector.

Major customers include Ray White, Harcourts and Raine and Horne in Australia and New Zealand, and Century 21 in the United Kingdom.

Australia’s PropTech Group (ASX:PTG) today announced that it had completed the acquisition of Eagle Software Pty Ltd to add to its impressive suite of software products for the real estate industry in Australia, New Zealand and the United Kingdom.

PropTech Group (PTG) made the acquisition on a cash and debt free basis for AUD$7.5 million (approximately $4.1 cash and approximately $3.4 million in scrip). Eagle also has the opportunity of an additional AUD$7.5 million earn-out based on performance against growth hurdles assessed to May 2022.

PTG managing director Joe Hanna said PTG had a proven track record in building scalable businesses and that the Eagle acquisition was in line with the company’s aim to improve the real estate industry with leading technology.

“This further bolsters the real estate CRM capabilities of PTG and increases our estimated share of CRM to about 38% in Australian and New Zealand,” Mr Hanna said.

“We have the largest market share of any proptech company and we come from a strong foundation of further developing successful sub-brands.

“We are pleased to welcome the team at Eagle Software to the PropTech Group family and Eagle’s product offering supplements, in particular, our VaultRE product,” he said.

Co-founder and CEO of Eagle Software, Luke Paverd said that he and his team were excited to be part of the PropTech Group.

“Joining PTG brings synergies that will allow us to deliver more value to our existing customers and offer our software and services to a broader market. EagleCRM is an innovative product focused on independents, boutiques and small multi-office real estate agencies. We will continue to invest heavily in the product and cement our offering as a leader in the space.” Mr Paverd said.

The new arrangement will provide PTG’s centralised account management team with a larger customer base to provide more products, while strengthening relationships within the real estate industry.

The acquisition of Eagle Software advances PropTech Group’s objective to own, operate and invest in high-quality property technology businesses that primarily focus on the Australian, New Zealand and United Kingdom residential and commercial real estate markets.

To download the full ASX announcement (PDF file), please click here.

PropTech Group Limited (ASX: PTG) (Company) is pleased to announce the completion of the retail component (Retail Entitlement Offer) of its 1 for 8.57 accelerated pro rata non-renounceable entitlement offer of new fully paid ordinary PTG shares (New Shares).

The Retail Entitlement Offer closed on Thursday, 15 July 2021 and has successfully raised ~A$2.4 million at an offer price of A$0.72 per share (Offer Price).  Together with the institutional component of the entitlement offer and placement to institutional investors which settled on Wednesday, 7 July 2021, the total amount raised under the capital raising is ~A$15.5 million.

The Retail Entitlement Offer was well supported with a take-up rate of entitlements of approximately 55% by eligible shareholders.  Eligible retail shareholders subscribed for ~3.35 million New Shares under the Retail Entitlement Offer (including oversubscriptions).

The New Shares issued under the Retail Entitlement Offer will rank equally with existing shares on issue.  The New Shares are expected to be issued on Thursday, 22 July 2021 and are expected to commence trading on the Australian Securities Exchange (ASX) on Friday, 23 July 2021.

The Retail Entitlement Offer Shortfall (Shortfall) is therefore approximately 2.76 million New Shares, worth approximately A$1.99 million at the Offer Price.  The Retail Entitlement Offer was not underwritten and accordingly the Company retains the flexibility to place the Shortfall, but has made no decision to do so at this stage.

Joe Hanna, PropTech Group’s CEO, commented:

“We are grateful for the continuing support from our retail shareholders and are pleased to now confirm the successful completion of the Entitlement Offer. The acquisition of Eagle Software, which we expect to complete later this week, will further accelerate the Company’s growth”.

This announcement has been authorised for release by the Board of Directors of PropTech Group Limited.

To download the full ASX announcement (PDF file) please click here.

For more PropTech Group announcements and investor information, please click here.

About the PropTech Group

The PropTech Group, listed on the Australian Exchange (ASX:PTG) provides technology to more than half of Australia’s real estate agents and has a rapidly growing presence in New Zealand and the United Kingdom.

It provides the technology for real estate agents to stay ahead of the game through brands such as VaultRE in Australia and New Zealand and VaultEA in the United Kingdom.

Other prominent offerings include Eagle, MyDesktop, Website Blue, Designly, Real Estate Investar and RentFind Inspector.

The PropTech Group aims to simplify the way people buy, sell and rent property.  In addition to its stable of strong brands, the PropTech Group has a rapid product development capability to provide better technology for real estate agents and an improved experience for their clients.

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