Carsales site gets into top gear
CARSALES chief executive Cameron McIntyre expects growth to extend into the second half of the year after the online vehicle classifieds business lifted first-half profit 27 per cent.
Net profit for the six months to December 31 rose to $60.2 million, from $48.7 million a year ago, while revenue grew 12 per cent to $200.1 million, from $178.6 million.
The result was in line with Citi analyst expectations.
The revenue jump was largely driven by a solid performance from the domestic private business, including online advertising which grew 9 per cent to $141.6 million and a 23 per cent rise to $32.1 million in the finance and related services segment, which includes the Stratton Finance subsidiary. Citi analysts said Stratton grew well ahead of expectations but core business revenue growth rates had continued to slow, down to 6 per cent.
Data, research and services revenue, which includes Redbook, LiveMarket, and the Datamotive divisions, increased by 7 per cent to $20.6 million.
“This performance reflects a solid contribution from traditional advertising products, enhanced by continued strong growth in adjacent businesses and premium listing/depth products,” carsales.com said yesterday.
Mr McIntyre said the company was making “excellent progress” on advancing its international business, where revenue grew to $5.8 million, from $3.5 million in the prior corresponding period.
Consumer sentiment had also strengthened. directorships on a ref refreshed hd Myer board, and said it will consult with Myer shareholders on candidates for other board places.
Premier Investments will pay for the EGM, “in the interests of all shareholders”.