iProperty Group Ltd (ASX:IPP) Increases Guidance for 2015

iProperty Group Ltd (

ASX:IPP), the owner of Asia’s No. 1 network of property portal sites and related real estate services, today updated its guidance for 2015. The range of guidance for both Revenue and EBITDA has been increased based on ongoing growth of the business that continues to exceed expectations.

Said Georg Chmiel, iProperty Group Managing Director and CEO, “We are extremely happy with the performance of our business over the first 5 months of 2015 and the strong outlook for the remainder of the year.”

He continued, “Our profitable Malaysian, Thailand and Hong Kong operations are going from strength to strength, and Indonesia is further extending its lead over the competition. The transition of our Singapore operations into a hub for international projects and project marketing is also progressing very well.

As a result of the outstanding performance, we are comfortable to increase our Revenue and EBITDA guidance for the year.”

For 2015, the company now expects: 
– Revenues of A$32.5 million to A$36 million (former guidance: A$30 million to A$36 million); and

– EBITDA of $3 million to $6 million (former guidance: A$2 million to A$5 million).

These estimates are based on the performance of the business over the first 5 months of 2015, current billing levels for subsequent months, and are subject to the successful delivery of all key projects planned and current FX rates. EBITDA excludes the amortisation of share based payments / options.