AVMs work for RP Data
Residential and commercial property information provider RP Data is one of the few bright spots in this reporting season, recording a 25 per cent jump in net profit for the 2008 financial year to $10.1 million, compared to the pro forma profit in 2007.The core business is to provide property information, including estimating values in real time without the services of a property valuer, which financial institutions often use to assess property values on loans with a low loan to value ratio - at a fraction of a full valuation price.Total revenue increased 47 per cent for the period to $47 million, as average monthly subscribers increased 13 per cent with the average monthly spend up 14 per cent to $325 per customer.The revenue mix changed in the first full financial year of the company operating as a listed entity, with 74 per cent of revenue from subscriptions, compared with 92 per cent last year.Transaction revenue more than tripled, to 26 per cent.Property information services provided 83 per cent of revenue, with valuation services contributing over ten per cent - compared to less than one per cent in the previous year.A fully franked dividend of 4.75 cents was declared, providing a net profit payout ratio of 65 per cent.Shares closed yesterday at $1.12 on very light volume, with twelve-month highs $1.95 and lows 96 cents.