Good signs for Carsales.com

CARSALES.COM shares have surged more than 10 per cent after it shook off tough domestic conditions to boost firsthalf profit and lift its payout.

The group reported a 22 per cent increase in profit from continuing operations to $71.2 million in the six months to December 31.

An increasing contribution of its international portfolio and a “resilient performance of the core Australian business” helped revenue from continuing operations rise 5 per cent to $214.1 million. The online vehicle sales company yesterday declared a fully franked interim dividend of 22c per share, up 1.5c from a year ago.