Link Administration Holdings noted the development when it published its results for the first half of the 2021 financial year on Thursday.

The company, which owns a 44.18% stake in PEXA holding company Torrens Group Holdings, has decided to look at listing the property platform after delivering strong half-year results.

PEXA recorded revenue of $99.3 million in the six months, a 28% increase over the prior corresponding period (pcp). Operating earnings before interest, taxes, depreciation and amortization (EBITDA) reached $51.5 million, nearly doubling from $27.1 million in 1H20.

Transaction volume grew 28% to $1.5 million.

In light of PEXA's further expected growth, all of its shareholders (Link, Morgan Stanley Infrastructure Partners and CBA) have agreed to explore an IPO.

Meanwhile, Link revealed it generated revenue of $597 million for the half year, down 5 percent on the prior corresponding period (pcp).

The group's operating net profit after tax (NPAT) came in at $65 million, down a fifth. But statutory NPAT rose 6 percent to $29 million.

Operating EBITDA came in at $137 million, compared to $163 million for PCP.

The board declared a dividend of 4.5 cents, which was down from its payout of 6.5 cents in 1H20.

The company presented an upbeat outlook, saying it was "well positioned" to retain customers and further industry consolidation in the evolving superannuation market.

"Our core businesses have strong market positions and clear strategic ambitions," commented Link Group CEO and Managing Director Vivek Bhatia.

"Trading so far has been in line with expectations, with European activity remaining weak due to continued COVID-19-related lockdowns in key jurisdictions."

Link also completed the sale of its market services business in South Africa during the half-year.

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting mainly on banking, financial services and wealth.

Prior to joining the team in 2018, Sarah worked in commercial media and produced stories for a current affairs program on public radio.

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