🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Australian realtor McGrath tips earnings miss on weak listings, departures

Published 23/01/2017, 09:30 am
Australian realtor McGrath tips earnings miss on weak listings, departures
MEA
-

SYDNEY, Jan 23 (Reuters) - McGrath Ltd MEA.AX , Australia's only listed residential realtor, said on Monday it expects earnings in the current financial year to be below analyst forecasts because of soft listing volumes and an unusually high number of agents leaving.

The company said in a statement that "unprecedented low volumes of listings" had not improved since it last warned of the problem in November 2016, and that it lost 36 sales agents from its offices segment.

The company added that it was recruiting new agents but "the usual time for an agent to become fully productive means these new agents will not match the volumes required to maintain our previously expected second-half earnings".

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.