Mr Edward Law has been appointed to the role of Chief Executive Officer, following a successful 14-year career at ANZ, with his last position at the bank being Global Head of Institutional Property.

An expert in structured commercial real estate debt funding, Mr Law most recently has been an executive director of Newground Capital Partners and investment director of MaxCap Group.

Chair Peter Lewis said Edward brings to McGrath vast experience in the real estate and finance sector.

At a Glance:

• Edward Law has replaced Geoff Lucas as CEO of McGrath Estate Agents
• Revenue up 11 per cent to $91.69 million for FY20
• EBITDA1 of $3.7 million a $10.1 million turnaround from Underlying EBITDA loss of $6.4 million

"I am confident he will lead the group to earnings and market share growth, as well as improving shareholder value," said Mr Lewis.

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Mr Edward Law, new CEO of McGrath Estate Agents. Photo: McGrath

Mr Law said is ready for his new challenge.

“McGrath presents an exciting challenge and we have a sound platform, with strong cash reserves and brand positioning in what is a challenging market, ripe for consolidation," said Mr Law.

Following the presentation of the FY2020 financial results for McGrath Estate Agents, CEO Geoff Lucas stepped down from the role.

Chair Peter Lewis said on behalf of the Board they have thanked Mr Lucas for navigating McGrath from losses to profitability through the current COVID crisis.

“The Board had accepted Mr Lucas’ resignation and paid tribute to his service to the Company during what has been a difficult two and a half years for the Company," said Mr Lewis.

“We wish him all the very best in his future endeavours.”

Mr Lucas said it was pleasing to lead the McGrath team through their period of regeneration.

"The business is now in a strong financial position to navigate through the uncertainty of the current environment," said Mr Lucas.

"I would like to congratulate the leadership team for their tireless work and the Board for their support.

"Having achieved the financial turnaround, it is now time to hand the business to refreshed leadership to continue successfully into the future." 

Financial results

McGrath Limited announced its FY20 full year results.

FY20 vs FY19 results financial highlights

• Revenue up 11% to $91.69 million
• EBITDA1 of $3.7 million a $10.1 million turnaround from Underlying EBITDA loss of $6.4 million
• Statutory reported EBITDA of $11.8 million following adoption of AASB leasing standard and

Government COVID grants

• NPAT of $700,000, a significant turnaround compared with FY19 loss of $9.7 million
• Successful acquisition of four Company Owned Offices and increased market share
• Strong Balance sheet with $17.3 million Cash (FY19: $10.2million) and no debt

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