Pexa (ASX:PXA) generates strong cash balance during FY21

Highlights

  • ASX:PXA has released its first annual report on ASX.
  • PEXA operates a proprietary platform facilitating around 80% of property transactions in Australia.

ASX listed digital real estate platform operator PEXA Group Limited (ASX:PXA) shares closed lower today on ASX. PEXA has released its first annual report post its Initial Public Offering (IPO) and listing on the ASX. Though PEXA performed strongly over its FY21 prospectus forecasts, shareholders did’nt seem positive.

PXA Annual report highlights-

  • PEXA Exchange volumes were up 37% to 3.3 million property transactions, resulting in revenue growth by 42% year on year.
  • The pro forma PEXA exchange EBITDA grew 114%. The growth reflects a 2% higher PEXA exchange EBITDA shown in prospectus forecasts.
  • Although PEXA generated a strong cash balance during FY21, it was offset by partial repayment of pre-listing shareholder loans.
  • PEXA reports a negative net current asset position on 30 June 2021 due to remaining shareholder loans.
  • The company’s intangible assets have reduced during FY21 from continued amortisation.
  • PEXA’s contributed equity decreased due to the replacement of some part of equity by shareholder loans.
  • PEXA group has not declared any dividends during the year.
  • However, during the financial year 2021, around 80% of all Australian property transactions were completed on PEXA’s platform, taking up PEXA’s market share.
  • PEXA also achieved positive ratings on the Apple app store and Google play store.

PEXA’s growth plans-

  • PEXA plans to drive organic uptake in Queensland and Western Australia.
  • It is also planning a launch in the Australian Capital Territory in FY22.
  • PEXA has plans to move forward in the international market with an entry in the UK, targeting the launch of a re-mortgage product in 2022.
  • PEXA Insights is developing a centralised property bureau to provide property insights.
  • Its PX Ventures plans to build on PEXA’s digital and industry experience to pursue new partnerships across the property sector.

Meanwhile, on ASX, PXA shares closed 1% lower at AU$16.500 per share.

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