Domain credited its new management team for delivering a 65% year-over-year increase in underlying revenue from its mortgage brokerage division.
The real estate advertising platform published its results for the first half of the 2022 financial year on Thursday, February 17, revealing a net profit after tax of 26.1 million dollars, up 34.2% year on year.
However, the group had decided to repay its JobKeeper grant, which contributed to an additional expense of more than half of $7.5 million.
Revenues were $176.2 million, up 27.9% from the prior year.
The consumer solutions division, which includes the Domain Home Loans mortgage brokerage arm, generated $4.6 million in revenue, up 60.4% year-over-year.
Domain Home Loans was the engine of growth, with its parent company reporting that it saw a 76% year-over-year increase in settlements.
The average amount of loans deposited through Domain Home Loans also increased 6.5% year-on-year during the six months.
Domain CEO and General Manager Jason Pellegrino highlighted the division’s new leadership team as he reflected on its growth.
In July last year, Domain hired former BrickX boss Kareene Koh to be its Managing Director and CEO of Domain Home Loans.
“Over the past two years [Domain Home Loans] saw a 25% increase in conversion to approval, demonstrating the increased efficiency of the business,” said Pellegrino.
The company is considering ways to grow its business, he added.
“In August, I spoke about our expectation of an acceleration in future performance of Domain Home Loans, with the benefits of improved conversion metrics and a new management team. It’s great to see this acceleration in the first half result,” said Pellegrino.
The residential business was the largest contributor to revenue, producing $120.3 million in the six-month period, up 29% year-over-year.
Media, Developers, and Sales saw revenue increase 15% to $25.4 million.
Agent Solutions revenue increased 19% to $7.4 million.
The property data solutions segment generated revenues of $6.5 million, up 21%, following the acquisition of Insight Data Solutions.
Meanwhile, print revenue soared 75% year-on-year, reflecting the resumption of the normal publishing schedule as well as strong market conditions, Pellegrino said.
[Related: Property spending more than doubled in 2021]
Sarah Simpkins is the managing editor of Mortgage Business and The Adviser.
Previously, she reported on banking, financial services and wealth management for InvestorDaily and ifa.