REA Group lifts H1 profit

McLennan says first-half results are vindication of board's long-term strategy.

REA Group (REA) chairman Hamish McLennan says the group's strong first-half results are vindication of the board's long-term strategy.

In the six months to December 31, net profit was $70.69 million, a 37% increase on the $51.59 million in the previous corresponding period.

Revenue in the same period was 209.42 million, a 30% jump on the $161.43 million recorded in the first half of the previous fiscal year.

The group will pay a fully-franked interim dividend of 22 cents.

"This half-year represents another record result for REA Group and its shareholders," Mr McLennan said.

"As these results clearly show, we have the right long-term strategy in place and the board is confident the group’s talented and capable team will continue to deliver on our strategy.”