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In its first interim half year results since listing, McGrath Estate Agents yesterday reported record revenue of $74.9 million, with listings up 23 percent, sales volumes up 15 percent and properties under management up 28 percent.
Excluding the cost of the IPO, pro-forma net profits rose 13 percent to $8.5 million. 
McGrath Ltd plans to pay a maiden final FY16 dividend of 4.5¢ a share.
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<a href="/images/2016/02/25/Screen%20Shot%202016-02-25%20at%209.43.17%20AM.png" target="_blank">Click to enlarge</a>
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But perhaps given fears of housing market disruption, McGrath Ltd shares hit a new low despite the real estate group saying it had met all its prospectus forecasts in its first interim results since floating on the ASX last December.
McGrath shares began the day at $1.70 falling to $1.37 soon after the publication of the group's first interim results and ended the day at $1.45.
The company floated at $2.10. It is trading at $1.46 in today's trade.
"For myself and the people in the company it is a concern. [The float] has not yielded the results we expected, but we are in it for the long term" Mr McGrath, who owns 61 per cent of McGrath Limited, told the Australian Financial Review.
The report noted challenging market conditions due to short term industry uncertainty "outside of our control" - APRA regulatory changes, slowdown in Chinese buying activity, stock market volatility impacting near term confidence and concerns about possible changes to negative gearing.
Listed on ASX on 7 December 2015, it reported the number of sales over the half year was up 15% to 6,492.
The properties under management up 28% to 7,648.
Its agent numbers were up 59 (10%) to 624.
The company had no debt, with $14 million cash and an undrawn $11.5 million term facility.
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jchancellor-FAypfDUnLy

McGrath meets prospectus forecasts, but shareholders spooked by housing market disruption

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The potential ASX-listing of Juwai is being addressed by stockbrokers Baillieu Holst and Evans &amp; Partners.
They have booked a roadshow with fund meetings next week, as the Chinese property website seeks to raise capital ahead of a mooted initial public offering. 
It's understood Juwai is seeking to raise $15 million in convertible notes, which would convert into shares at time of the IPO.
The Australian Financial Review's Street Talk column suggests the conversion would happen at a 20 per cent discount to the IPO price with an ASX listing likely for the coming 12-month period. 
Juwai, the online platform that connects Chinese property buyers with sellers in other parts of the world, has 2 million Chinese consumers visits each month. 
It's directors include former Consolidated Press Holdings executive Martin Green, while the chief executive is Macquarie Asia's former chief operating officer Charles Pittar. 
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jonathanchancellor-7SQnKwU6yx

Juwai website ASX listing roadshow underway

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Property funds manager and ­industrial property specialist Propertylink is nearing its ASX float.
A listing would mark the ­return of former Valad boss ­Stephen Day to the public arena, with the company structured as a stapled vehicle that will specialise in core-plus style investing.
As revealed in The Australian in May Propertylink will seek to raise $500 million plus.
Two high-profile investors have emerged as backers to ASX-aspirant and real estate and infrastructure fund manager, Propertylink, The Australian Financial Review Street Talk column has revealed.
Point Capital, run by former Macquarie power bankers Michael Carapiet and John Prendiville, was approached about one year ago to inject capital into Propertylink.
Carapiet had several executive roles at Macquarie over 25 years, and Prendiville was a 20-year veteran and global head at Macquarie.
Goldman and Grosvenor are looking for an opportunity to sell down their stakes.
Carapiet and Prendiville's emergence in the Propertylink deal comes after sponsor broker Goldman Sachs set a $568 million to $690 million equity valuation range for the float.
Propertylink has snapped up a portfolio of eight industrial assets across four Australian states for $135.3 million from Charter Hall in May.
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Propertylink IPO nears

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Trading in McGrath shares were without fanfare this morning despite speculation there could be some serious activity today.
There were just four small trades in the first two hours.
Any block trade was likely to come after the trading closed, after market today, rather than as massive special.
Despite the perceived overhang, the share price has gone up a touch in recent days. 
TRADING SUMMARY
<a href="https://www.propertyobserver.com.au/images/2017/09/08/Screen%20Shot%202017-09-08%20at%2012.07.11%20PM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/09/08/Screen%20Shot%202017-09-08%20at%2012.07.11%20PM.png" alt="">
A block trade, which is being handled by stockbroker Wilsons, was to become available for purchase after some 46.3 per cent of shares in the company was due to come out of escrow.
The Drummoyne-based activist investor Matthew Donnellan was reputedly lining up to acquire a designated 15 percent stake.
The shares are being mostly offered to the market by former McGrath agents and senior executives.
The 14.66 percent stake would make the second biggest shareholding behind founder John McGrath.
The 14.66 per cent combined stake in McGrath was created by the shares of former McGrath director of sales Matt Lahood, Geoff Lucas the former McGrath chief operating officer who has since moved to artisan bakery group Sonoma, and former agents Ben Collier, Stephen Chen, the Leichhardt agent Shad Hassen and Brad Gillespie, along with a remaining McGrath agent Bethwyn Richards.
The rival real estate agents - now at The Agency - hope selling the shares as a block could achieve a premium price.
McGrath CEO Cameron Judson previously advised McGrath remained a "a long-term holder of stock" but didn't advise further on any future purchasing or privatisation plans.
More than half of the shares set to come out of escrow are owned by founder John McGrath.
Later this month another 7 per cent of shares owned by Shane Smollen and other Smollen associates come out of escrow .
Last month, The Australian Financial Review's Street Talk column reported that Anchorage Capital, Adamantem Capital, Advent Partners and Crescent Capital Partners were among firms taking a close look at the country's third-biggest real estate sales group.
The shares floated at $2.10 in the initial public offering in late 2015. 
McGrath shares closed at 76 cents on Thursday and we at 78 cents today.
Perpetual and Argo rank as third and fourth largest shareholders.
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j.ballantyne1990-6AQqhLzZaK

All quiet on the McGrath share trading front

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The McGrath rebels ended up selling their combined near 15 per cent stake yesterday for 65¢ a share to institutional investors.
The listed agency had faced the prospect of alleged activist investors picking up the stake but the stock was instead placed with Australian institutions who likely back the group’s management.
The sale was handled stockbroker Wilsons, which last week lodged a <a href="https://www.urban.com.au/news/75613-all-quiet-on-the-mcgrath-share-trading-front" target="_blank">substantial shareholding notice </a>for a 14.66 per cent McGrath holding.
The sale was less than one-third of the $2.10 a share the company was floated at in December 2015. Stock worth $42.8 million at the time of the float changed hands yesterday at $13.2 million.
The group, which included former chief operating officer Geoff Lucas who had a 4.3 per cent stake, had hoped their block trade would attract a premium offering, but instead settled for deal struck at a discount below the 73 cent Monday closing price.
The block was held by well-known agents including Ben Collier, Shad Hassen, Matt Lahood and Brad Gillespie, former McGrath agents who now work for The Agency.
The escrow condition had prevented <a href="https://www.urban.com.au/news/75544-mcgrath-rebels-join-forces-to-sell-14-percent-stake" target="_blank">the former McGrath insiders</a> from offloading their shares since it listed in December 2015 at $2.10 a share.
Another of the holders, Beth­wyn Richards, currently works for McGrath, while Geoff Lucas has since moved to ­artisan bakery group Sonoma.
Shares hit a low of 54¢ in June, but lifted recently as there was talk of private equity firms circling.
Mr Lucas, who left McGrath in August last year after a seven-year stint, told The Australian Financial Review that as an investor he had to be properly aligned with the board, management and strategy of the company he invested in.
"I can't say [the McGrath] strategy is satisfying me at the moment," he said.
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