McGrath Limited (ASX: MEA) McGrath or the Company provides the following trading update for the first half of the 2024 financial year ending 31 December 2023.

McGrath are pleased to announce that based on current trading, the Company expects the Underlying EBITDA1 for the 6 months ended 31 December 2023 to be in range between $4.5 million to $5.0 million – the midpoint of this range represents approximately 40% increase on the prior corresponding period.

Chief Executive Officer John McGrath said the Company was performing very well and delivering strong results for our clients and stakeholders.

Mr McGrath said, “We are executing well on our growth strategies, despite challenging economic conditions. We are delighted with the result as this is a testament to our experienced team, superior agents and strong brand. We will continue to focus on increased productivity of our agents and growing our office footprint on the East Coast Australia.”

McGrath is in a strong financial position with currently around $22 million in cash (which is after c. $5.6m dividends paid in September 2023) and no debt, with plans to continue providing returns to shareholders through both ongoing dividends and on‐market share buyback program.

McGrath will release its audited financial results for 6 months ended 31 December 2023 in February 2024.