McGrathmaggeddon does it again

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Oh dear:

What is its strategy?

I thought it was about muscling into new markets, especially Melbourne? What’s all of this guff about adding value to sundry services?

Perhaps it’s because the 15 new offices in NSW and VIC led to shrinking market share in both:

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If you combined this with the pounding that sales profits took, it’s pretty clear that this is a business (and market) under intense margin pressure from grotesque oversupply:

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If MEA is going to take market share, it is going to do so with collapsing margins. With wider online disruption growing as well, good luck with that.

Down -5% so far:

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.