Domain’s first full-year results with Jason Pellegrino at the helm reveal a $137m loss

Jason Pellegrino’s first full-year report at the helm of Domain has delivered a 6% revenue drop to $335.6m, largely due to Australia’s dwelling stock sitting at its lowest point in more than 20 years.

But the loss was likely offset by a pivot in the business model at the beginning of the housing market decline, which saw Domain focus on boosting revenue streams and saw it report a 12% growth in residential yield and a 0.5% increase in revenue across the sector. The focus change is a direct result of a new listings drop of 12%, and an auction drop of 25% in Sydney and 28% in Melbourne.

Earnings before interest, tax, depreciation and amortisation (EBITDA) declined 15% to $98.0m, and the business reported a statutory net loss of $137.6m. The business also took a non-cash impairment charge of $178.8m off the back of lower growth assumptions.