Domain Announces Appointment of Greg Ellis as Interim CEO in Mediocre HY1 Report

The Australian real estate portal operator Domain Group has announced the appointment of former REA Group leader Greg Ellis as interim CEO.

Aside from the revelation of its new interim boss, Domain's half-year report to the Australian Stock Exchange contained modest growth numbers which will be familiar to shareholders who have watched the portal operator lag behind its New Corp-backed rival for several years.

• Revenue for the six months ending Dec. 31 rose 7% year-on-year to AUD217.2 million
• EBITDA rose 14% to AUD77.8 million
• The company’s core residential listings business saw a 12% revenue increase to AUD154.1 million ($97 million U.S.)

Depth listing revenue was the big bright spot in the Sydney-based company's report, fueled by a 50% year-on-year increase in penetration of Domain’s top-tier product, Platinum Edge. Listings coverage also improved as the company regained market share from REA Group by offering low-cost or free listings. However, this win-back strategy diluted average revenue per listing, which grew 7% but could have been higher without the discounts

As has been the case for most of Domain's investor presentations in recent years, the positivity ends after the reporting of the core business.

In the first half of the financial year 2025, Domain’s other segments struggled. The company’s data arm, Domain Insight, saw revenue take a hit after exiting a supply contract with a competitor. Management expects this to be offset by a new contract with the Victorian state government in H2 of FY25.

Domain's media, Development and Commercial segment saw revenues fall 2.4% year-on-year while its Agent Solutions segment was largely flat.

Looking ahead, it’s now up to Ellis—who takes over as interim CEO on Feb. 17—to keep the ship steady. Growth in residential listings is expected to remain in the low single digits, and "yield momentum" from Q1 to Q2 is forecast to continue in the second half.

A statement from Domain's Chairman, Nick Falloon reiterated that the company is still "committed to a thorough search to appoint a permanent CEO" and that Ellis had agreed to stay in the role for up to a year.

As a former leader of Domain's biggest rival and a former boss of leading German real estate portal operator Scout24, Ellis' appointment cheered shareholders as Domain's share price rallied 11% to AUD3.04 on news of his appointment.