HUNTER-founded, national short-term rental accommodation provider Alloggio has posted a $2 million net profit in the 2022 financial year, up $1.9m from the prior year.
Reporting Alloggio's maiden full year results as a listed company on Wednesday, founder and CEO Will Creedon said the company had achieved record performances in key areas of the business - a "testament to a strong cash position, well executed acquisitions in an improving market and an experienced management team".
"We are pleased to report very solid gains in our first year as a listed company as we continued to grow our overall revenue," the Hunter businessman said.
"Alloggio [has been] very active in pursuing its planned acquisitions-led growth strategy, utilising our strong cash position following the November 2021 IPO [Initial Public Offering] and the positive rebound in domestic travel."
Alloggio's results included increasing its gross revenue by 146% to $27.9m; increasing its gross bookings value by 150% to $61.9m; growing the number of properties on its books by 154% to stand at 1883; and increasing the number of its hotel rooms by almost a third to 428.
Strong organic growth combined with benefits from previous acquisitions, plus a "rigorous cost management focus" during lockdowns, had resulted in an operating EBITDA increase 113% to $11.2m, ahead of Alloggio's June upgraded guidance range of $10.5m to $11m.
"Gross revenue also exceeded our upgraded guidance figure of $26m, increasing 146% to $27.9m," Mr Creedon said.
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