Outlines Significant Growth Opportunities with Strong Momentum in Core Business and Adjacencies
NEW YORK–(BUSINESS WIRE)–REA Group is targeting “double-digit revenue and EBITDA growth through the cycle,� as it foresees “significant growth opportunities” in its core business and adjacencies (REA defines the property cycle as 3-5 years).1
REA is Australia’s largest digital real estate business and is 61.4% owned by News Corp; the company shared the update at its first Investor Day in Sydney, Australia earlier today.
Highlights from the REA Investor Day included:
REAs investor day has shone a bright light on the companys thriving outlook and the benefits of being the undisputed market leader in Australia, including the peerless value that the company brings to consumers and to agents, said News Corp Chief Executive Robert Thomson. We are also delighted by the increased collaboration between realtor.com and REA, which share learnings and insights, and leverage that intelligence to improve their services and their profitability. We believe the future for both companies is luminously lucrative.
REA Group Chief Executive Officer Owen Wilson commented: REA Groups accelerated transformation and continued investment in both core and adjacent businesses over the last five years has delivered an exciting platform for growth. Our first investor day has been a significant opportunity to share a detailed view of the growth trajectories for each business and the momentum achieved within the broader growth agenda of the Group.
With its strong presence in the US, Australia, India and Southeast Asia, News Corp is a global leader in digital real estate. Through the third quarter of Fiscal Year 2022, ended March 31, News Corp’s Digital Real Estate Services segment, which includes contributions from REA Group and Move, operator of realtor.com®, generated $1.3 billion in total revenues, up 32% year-over-year, leading to 20% Segment EBITDA growth. In addition, Digital Real Estate Services represented 33% of News Corp’s Total Segment EBITDA year-to-date (through March 31), making it the largest segment contributor to the company’s profitability.
The full REA Group Investor Day presentation is available here and contains additional information and details regarding the highlights presented in this release, including the statistics and metrics provided above.
Forward-Looking Statements
This release contains forward-looking statements based on current expectations or beliefs, as well as assumptions about future events, and these statements are subject to factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The words expect, estimate, anticipate, predict, believe, potential and similar expressions and variations thereof are intended to identify forward-looking statements. These statements appear in a number of places in this release and include statements regarding REA Groups intent, belief, goals, objectives, initiatives, commitments or current expectations with respect to REA Groups businesses and operations, market conditions, results of operations and financial condition, funding requirements and risk management practices. Readers are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Many factors could cause actual results to differ materially from those described in these forward-looking statements. The forward-looking statements in this release speak only as of this date and News Corp and REA Group undertake no obligation (and expressly disclaim any obligation) to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
About News Corp
News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: http://www.newscorp.com.
1 REA Group financial reporting is in Australian dollars and on an International Financial Reporting Standards basis.
Contacts
News Corp Investor Relations
Michael Florin
212-416-3363
mflorin@newscorp.com
News Corp Corporate Communications
Jim Kennedy
212-416-4064
jkennedy@newscorp.com
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