REA Group’s CEO announces retirement as H1 FY25 results come out
REA Group’s chief executive officer, Owen Wilson, has announced his retirement after over a decade with the business.
On Thursday, Wilson informed the board of his intention to retire from “full time executive roles” in the second half of 2025.
He spent just over 10 years with REA Group, first as chief financial officer, then chief executive.
“It has been a privilege to lead REA Group for the past six years and I am proud of all our team has accomplished,” Wilson said.
“The business is in excellent shape as evidenced by the results we have announced today. We have an exciting strategy and a talented and committed team to deliver it. I want to thank them wholeheartedly for all the tremendous support I have received over the years.
“REA’s future is undeniably exciting. I would also like to thank the REA Board, Robert Thomson, and Lachlan Murdoch for entrusting me with such a great company and incredible business.”
In its H1 FY25 results – the half-year period to December 31, 2024 – published on Thursday, REA Group reported revenue growth of 20% to $873 million, an increase in EBITDA excluding associations of 22% to $535 million, and a 26% increase in net profit to $314 million.
Specifically, Australian revenue was up 19% YoY, to $809 million, excluding the acquisition of Realtair, which was consolidated from July 1.
Again excluding the acquisition, group operating costs were up 16%, while Australian expenses grew 13%.
The board has determined to pay an interim divided of $1.10 per share fully franked, up 26% YoY.
REA Group’s flagship website, realestate.com.au, extended its audience leadership in H1 FY25, reporting 5.1 million more Australians visiting the site every month on average, compared to its closest competitor.
“REA’s exceptional first half result was driven by strong yield growth in a healthy listings environment. Vendors remained confident during the half with sales volumes consistently higher than the prior year, demonstrating the depth of demand, while buyers benefitted from more choice and some moderation in price growth,” Wilson said.
The board congratulated Wilson on a “dynamic and highly successful” tenure as CEO, underscored by strong financial performance and transformative growth.
“After more than ten glorious years at REA Group, Owen has decided to retire. His stellar leadership leaves the company exceptionally well positioned and REA is one of the best home-grown technology companies which has flourished into being a global leader,” said Hamish McLennan, REA Group chairman.
“Our board and staff sincerely thank Owen for his contribution in building an incredible organisation under his outstanding leadership.”
News Corp’s CEO, Robert Thomson, added: “Owen has shown extraordinary leadership in building a global success story at REA, which has become the gold standard for digital platforms. He has fashioned a dynamic, talented team and cultivated a competitive, empathetic culture. Owen’s positive influence will resonate for many years to come.”
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Lauren McNamara is the associate editor at Mumbrella, covering the creative and PR beat. She joined in November 2022 as editorial assistant, after completing a Bachelor of Communications (Journalism) at UTS.
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