PEXA Group Limited: Acquisition of Smoove Plc and Financial Update

PEXA Group Limited (ASX: PXA) has finalized the acquisition of Smoove plc, a UK-based conveyancing technology provider. The transaction, previously disclosed on October 5, 2023, reached completion following approval by Smoove shareholders on November 14, 2023, and court sanction on December 15, 2023. This acquisition enhances PEXA's foothold in the UK conveyancing market, spanning sales, purchases, and re-mortgages.

Regarding financial prospects, excluding Smoove's impact, PEXA Group reaffirms its FY24 guidance: Targeting a Group operating EBITDA margin of 35% or higher. Anticipating an Exchange operating EBITDA margin ranging between 50% and 55%. Projecting net cash outflows of AU$70-80 million for International and Digital Growth businesses. Aiming for Digital Growth to achieve break-even operating EBITDA by June 2024.

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