Domain has announced the appointment of former REA Group CEO Greg Ellis as interim CEO for up to a year while the company conducts a search for a permanent replacement for Jason Pellegrino.
The leadership change was revealed alongside Domain’s first-half FY25 results, which reported a 14% increase in EBITDA to $77.8 million and a 28% rise in net profit to $33.1 million.
Ellis Takes Over During Period of Transformation
Ellis, who led REA Group from 2008 to 2014 and has served on Domain’s board since 2017, steps in at a time of significant change for the company. His appointment takes effect on Monday, as Pellegrino prepares to officially step down on February 28 after six and a half years at the helm.
During his final earnings briefing, Pellegrino reflected on Domain’s transformation, stating that the company had successfully transitioned from an online classifieds business to a property marketplace, positioning itself for ambitious growth.
Technology Investments and Product Growth
Pellegrino also highlighted the company’s investment in technology, mentioning that Domain had soft-launched a new API management platform and introduced new products designed to boost engagement. He noted that Audience Boost, one of these innovations, had led to a 24% increase in views on residential listings.
Additionally, Platinum Edge, another key product, experienced a 50% rise in agent adoption, contributing to growth in high-value listings.
Financial Performance and Future Outlook
Domain reported first-half revenue of $217.2 million, marking a 7% increase, while costs rose by 4%.
- Residential revenue grew 12%
- Depth revenue climbed 14%
- Site visits surged 23%
The company also benefited from its collaboration with Nine, leveraging cross-platform branding opportunities during major events like the Australian Open and launching a Victorian edition of Prestige magazine.
Looking ahead, Pellegrino stated that Domain would continue investing in technology to drive automation and efficiency while maintaining stable EBITDA margins. He emphasized that the company was focused on accelerating its marketplace journey and expanding the range of exclusive “Only on Domain” experiences available to users.
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