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PROFITS have dived 72 per cent at real estate group McGrath (ASX:MEA) to $2.4 milllion on the back of low property listings.
Listings with company-owned offices were down 20 per cent in the half year, and there's been an exodus of agents, which has dampened sales results.
McGrath speculates Australians have been put off selling based on fear they will be unable to re-enter the market. The company doesn't think this will change anytime soon.
McGrath has started a strategic review to improve the productivity and performance of its existing operations and explore new revenue opportunities.
To its favour, McGrath has $5.3 million in cash, no bank debt and assets of $94.4 million.
McGrath CEO Cameron Judson says the new 'McGrath Future' program will focus on rewarding high performing agents.
The property company is paying a half year fully franked dividend of 1c per share.
Business News Australia.
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