McGrath Limited today announced the appointment of an additional non-executive director, Shane Smollen. 

Mr Smollen’s appointment follows McGrath posting a significant turnaround with Underlying EBITDA of $3.7 million for the year to 30 June 2020, compared with a loss of $6.4 million in the previous year. 

A leading property professional since 1983, Mr Smollen owned one of the country’s leading real estate networks before selling it to McGrath in 2015. 

Mr. Smollen, who currently holds 7.94 per cent of McGrath’s issued capital, has been advising McGrath’s sales management team over recent months with a focus on productivity and revenue growth. 

“We welcome Shane to the board at a time when we have returned the Company to profitability and appointed a new Chief Executive Officer, Mr Eddie Law," said Chair of McGrath, Mr. Peter Lewis. 

“Shane brings to the board an excellent real estate track record with expertise in all aspects of the sector, combined with integrity and insights that will accelerate our profit turnaround and restore shareholder value." 

Mr Smollen said he is delighted to join the board of McGrath, a company he knows well. 

"I believe the group is well placed to take advantage of an expected consolidation of the real estate agency sector. 

“McGrath has an excellent brand, 99 offices and a team of about 2,000 professionals, many of whom I have known for many years and are the engine room of what is an excellent business,” said Mr Smollen. 

McGrath has performed significantly better than the market during the year and in a strong platform on which to build in 2021, notwithstanding the ongoing impacts of COVID.

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