Domain posted a loss of $3.4 million for the half year December as the online classified business looks for a new CEO.
Revenue increased 12.5% to $183.3 million. Ex significant items, underlying net profit after tax was down 8.1% to $24.7 million.
At the close, Domain shares were up 4.5% to $3.00.
Antony Catalano resigned as CEO last month for personal reasons. Nick Falloon stepped in as executive chair while the Fairfax Media spinoff looks for a replacement.
In the first seven weeks of the second half, Domain says the company had digital revenue growth of 21% and total revenue growth of 11%.
Falloon says the first standalone result demonstrates the strength of Domain as a separately listed company and the ongoing success of its strategy.
“Having stepped in as Executive Chairman, I can attest to the bench strength of the entire Domain team and their passion, skill and commitment. The business is in great shape with strong underlying momentum,” he says.
“I’m pleased to say the global search is underway for a new CEO. We are searching for an individual who will take Domain through its next stage of growth. We expect the new leader to have execution discipline and relevant experience in driving a growth business and building a great culture.
“The calibre of the candidates that we are attracting is truly impressive, befitting Domain’s position as a leading real estate media and technology business.”
For residential listings, revenue rose 19.3% to $86.1 million.
Across Australia, the growth was varied.
“During the first half, residential continued to see a mixed environment for listings nationally, with strength in Sydney and Canberra and weakness in other markets resulting in total volumes down 2%,” says Falloon.
The company declared an interim dividend of four cents a share, 30% franked.
(Disclosure: Fairfax Media owns 100% of Allure Media, the publisher of Business Insider)
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