REAL ESTATE INVESTMENT TRUSTS & FUNDS

New kid on the block PEXA confident of FY22

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PROPTECH PEXA (ASX:PXA), having been a listed company for two months, is confident it is on track to reach its prospectus forecast for FY22, while still posting a loss for now.

The company, which is positioning itself as the country’s leading digital property settlements platform, posted a statutory net loss after tax of $11.8 million, which is 20% greater of prospective forecast of a $9.8 million loss.

Pro forma net loss after tax of $4.9 million, down 7% from a $4.5 million loss in FY20.

Revenue was up 42%  from $155.6 million to $221.0 million, which was 1% ahead of prospectus forecast. While in line with prospectus forecast, PEXA Exchange reached 80% transfer market penetration, up 14% on the pcp and in line with prospectus forecast.

PEXA Exchange transaction reached $3.3 million, which is 1% ahead of forecast and a 37% gain on the previous year.

Pro forma PEXA Exchange EBITDA was up 114% from $51.1 million in FY20 to $110.4 million and up 2% on prospectus forecast.

While PEXA Exchange EBITDA margin was up 17% on the pcp to 50%, in line with forecast. Pro forma group EBITADA was up 124% to $101.8 million, 2% ahead of prospectus forecast. While statutory net assets were at $1.031 million, down from $1.596 million in FY20.

“Supported by a sound balance sheet, we look forward to further progressing our growth initiatives in the coming year, with momentum building in the UK to support our international strategy,” said Glenn King, managing director and CEO of PEXA.

Pro forma net free cash flow before interest and tax was at $90.1 million, representing an 89% conversion rate from EBITDA. With a closing cash balance of $51.5 million being reached.

“Meanwhile we continue to see excellent opportunities to leverage our existing platforms, insights and relationships to create new products and services to meet the changing needs of our members, consumers and government,” added King.

PEXA did not deliver a dividend for FY21, though it has reaffirmed its FY22 Prospectus forecast of $246.9 million in statutory revenue, $126.3 million PEXA Exchange statutory EBITDA, group EBITDA of $75.6 million and an NPAT loss of $2.5 million.

“We have delivered on our promises, with FY21 prospectus forecast revenue, EBITDA and key drivers met or exceeded,” concluded King.

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