PEXA (ASX:PXA) share price wobbles on FY21 results

PEXA delivered its first financial results since listing on the ASX.

| More on:
A piggy bank balances on a ribbon, indicating a wobbly share price

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The PEXA Group Ltd (ASX: PXA) share price has been up and down today, currently trading right where it started the day at $16.98 per share.

The online property exchange network is a newcomer to the ASX, with its initial public offering (IPO) on 1 July this year.

Below we take a look at the company's first financial results as a publicly listed company.

PEXA share price wobbles on FY21 results

What happened during the reporting period for PEXA?

During the course of the year the company marked a milestone, surpassing $1.5 trillion worth of total property values settled through the PEXA Exchange since inception. That now supports more than 9,400 practitioners and 160 financial institutions.

On the international expansion front, the company is progressing with its PEXA International United Kingdom market entry plans. Lender pilot-groups have committed to participate in product testing with the Bank of England.

Meanwhile, PEXA Insights has expanded to include more than 40 data specialists. PEXA is working to develop a centralised Property Bureau. Its summary of east-coast property market trends was featured in news outlets across Australia.

What did management say?

Commenting on the results, PEXA's CEO Glenn King said:

We have delivered on our promises, with FY21 Prospectus forecast revenue, EBITDA and key drivers met or exceeded.

The positive property market conditions in the second half of FY21 have continued, and as we move into the coming year, we have reaffirmed our Prospectus forecasts for FY22. Our strategy to leverage our position as the operator of Australia's leading digital property settlements platform is delivering attractive results.

What's next for PEXA?

Looking ahead, PEXA reaffirmed its FY22 Prospectus forecasts.

For the 2022 financial year, PEXA is forecasting statutory revenue of $246.9 million, statutory EBITDA of $75.6 million, and a statutory net loss of $2.5 million.

King said, "Supported by a sound balance sheet, we look forward to further progressing our growth initiatives in the coming year, with momentum building in the UK to support our international strategy."

The PEXA share price is down 1% since listing on 1 July.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Technology Shares

A man has computer-generated images rushing through his head indicating an AI (Artificial Intelligence) concept of a communication network.
Technology Shares

ASX investors are obsessed with Nvidia shares! Here's why

The global chipmaker reported a 94% increase in annual revenue in the third quarter.

Read more »

A woman sits at her computer with her hand to her mouth and a contemplative smile on her face as she reads about the performance of Allkem shares on her computer
Technology Shares

Own WiseTech shares? Here's what to watch at Friday's AGM

This could be one of the major events of the year.

Read more »

Woman and man calculating a dividend yield.
Technology Shares

This ASX tech stock is down 93% from its highs. Could Trump tariffs give it a boost?

The ASX tech stock could enjoy tailwinds from Trump’s threatened tariffs.

Read more »

A woman holds a soldering tool as she sits in front of a computer screen while working on the manufacturing of technology equipment in a laboratory environment.
International Stock News

Nvidia share price slips despite 94% revenue growth

Q3 earnings beat expectations, but what about guidance?

Read more »

man scoring touchdown in football game
Technology Shares

Up 28% in a week, is this ASX tech stock 'about to get a takeover bid'?

Could this high-flyer soon receive a takeover offer?

Read more »

Three people gather around a large computer screen where they are looking at something that is captivating their interest with a graphic image of data and digital technology material superimposed to the right hand third of the image.
Technology Shares

Why it's a good time to buy this ASX 300 tech stock

Here's why analysts at Bell Potter are bullish on this tech stock right now.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

Up 74% in 2024, why is this ASX 200 stock rallying today?

Recurring revenues continue to grow.

Read more »

A man activates an arrow shooting up into a cloud sign on his phone, indicating share price movement in ASX tech shares
Technology Shares

Here are my top 2 ASX shares to buy right now

Tech continues to catch my eye.

Read more »