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PropTech Group Delivers 98% Revenue Growth in 1H FY2022

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PropTech Group Limited (ASX: PTG) released its results for the first half of FY2022 this week, revealing 98% revenue growth compared to the first half of FY2021.

Financial and operational highlights:

  • Cash Receipts up 106% to $10.7m;
  • Gross Profit Margin growth of two percentage points to 92%;
  • Significant 215% increase in R&D for future growth;
  • Average Revenue Per Account (“ARPA”) increased 23% to $245;
  • Number of unique accounts up 45% to 5,039; and
  • Number of products per account up from 1.06 to 1.85.

During the first half, PropTech Group invested for the future, focusing on new products and add-ons that will allow its customers to spend less overall on proptech by replacing third-party software with solutions offered by PropTech Group.

The Company expanded its product and technology development team from 14 in 1H FY21 to 42 in 1H FY22.

Propps and National Property Data Announcements

The company also signed binding term sheets to act as a distribution partner for Propps and National Property Data. PropTech Group will deeply integrate these services into its CRMs, making it easier for customers to take advantage of them. In exchange, PropTech Group could earn a significant equity stake in each company.

PropTech Group’s CEO and Managing Director, Joe Hanna, said:

“During the first half, we delivered record results by growing all key metrics in our core real estate CRM SaaS business.

“We laid the groundwork for future growth with the launch of new products, the Propps and National Property Data agreements, and investments in R&D and sales and marketing. We have proven that we can deliver rapid growth to these partners with the record results produced by our prior acquisitions, Website Blue and Eagle.

“We also began delivering two new growth initiatives that leverage our 41 percent market share in our core business to substantially increase our addressable market.

“The first of these strategies is the integration of ancillary services into our core software, beginning with payments. The second is the pursuit of international growth in the UK. These initiatives are at early stages but promising. The total addressable market for ancillary services alone, in Australia and New Zealand, is 13-fold larger than the opportunity in real estate SaaS software.”

For more information, see the related ASX announcement.

James Lawrence

James Lawrence

James is Group Digital Marketing Manager at PropTech Group. He has been writing about real estate and technology for more than 15 years. His background is in digital marketing and communications. In his spare time, he loves to surf, swim and play the piano.

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