GLYNN Wright has resigned as chief financial officer of ASX-listed real estate agency McGrath, which reported $3.3 million for the first half of the financial year as the residential property market slowdown took its toll.
McGrath has commenced searching for a replacement for Wright.
The agency’s first half loss was worse than the $1.8 million loss posted in the prior corresponding period, while the underlying EBITDA loss of $2.5 million was down from $1.6 million, and revenue fell 18% to $42.5 million.
“We are grateful to Glynn for the integral role that he has played in the McGrath management team for the past 18 months. Glynn has led a substantial restructure of the group’s financial operations during this period of business turnaround,” McGrath chief executive officer, Geoff Lucas said.
McGrath struggled with the reduction in transaction volumes and settled sales over 2018, and Lucas said last month that trading over the first two weeks of February had been below expectations, with lower than expected listing volumes and average sale prices.
The agency is expecting underlying EBITDA for the second half to be impacted by ongoing difficult trading conditions, with external factors such as the NSW and federal elections.
Australian Property Journal
