PXA +2.06%: Had some swings and roundabouts in their result today as the property exchange reported on a year of change, and ongoing improvement we think;
- Revenue of $343.5m was +21% y/y and ahead of $338m expected
- Net loss of $18m was a touch higher than $16m tipped.
- Importantly, PEXA Exchange Ebitda of $159.1 million, was up +13% y/y
They announced the retirement of the CEO and are well under way in the search for a new one, while they guided to revenue growth in FY25 of 13-19%, which is a little light on given the market is already at the top end (19%), though operating Ebitda margin was guided to at least 34% which is a positive for the bottom line.
MM remains long PXA in the Emerging Companies Portfolio
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