John McGrath, the salesman who founded the first ASX-listed real estate agency, will tomorrow take back control of the company bearing his name, hoping to reverse a slide in revenue and profits.
Revenue at ASX-listed real estate agency McGrath fell 23% to $51.6 million for the half year to December.
The company posted a lost of $25.5 million after impairments of $22.9 million to goodwill.
McGrath has $3.4 million cash, no debt, and net assets of $74.4 million.
Founder McGrath, who has taken back direct management control of the company, said a new approach was needed, and thanked investors for their loyalty.
I am very proud and excited to again be leading the business, he says.
Despite the challenges we…
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