CarSales outperforms expectations with double-digit growth

CarSales outperforms expectations with double-digit growth
SHARE
THIS



The growing strength of ‘new media’ companies has been underlined with CarSales announcing double-digit growth for both revenues and profits in the first half of the financial year.

Net profit leapt 14% to $37.6m, on the back of increased revenues of 17% to $102.1m, although an increase in marketing activity has led to a slightly lower margin on earnings before inflation, tax, depreciation and amortisation of 53%.

CEO Greg Roebuck hailed the result as showing they are the “clear number one” in the field, despite increased marketing pushes from competitors.

He added: “We have continued to roll out key developments across our network of sites, on both desktop and mobile platforms to continue to enhance our consumer and business-to-business offerings. Desktop innovation is still important but new mobile solutions are also key."

Last year the Australian Consumer and Competition Commission stopped the planned acquisition of TradeMe by the firm’s QuickSales brand, but Roebuck said despite this the general classifieds site had “yielded good growth” despite being a “work in progress”.

Overall display advertising was up 28%, with new car inquiries up 35% year on year.

Samantha Carleton, an analyst for Credit Suisse, said the results were above market expectations for the group and placed an outperform rating on the shares.

Please login with linkedin to comment

Latest News

Swinburne University Of Technology And FourthRev Help Students Gain Hands On Digital Skills
  • Marketing

Swinburne University Of Technology And FourthRev Help Students Gain Hands On Digital Skills

Swinburne University of Technology has launched a series of  Bootcamp Graduate Certificate courses, developed in partnership with FourthRev. The courses, an Australian-first, will upskill career changers and provide students the capabilities required to thrive in the digital economy. They are available on-campus and through its online arm, Swinburne Online. Alongside completing projects which will emulate […]

PayPal Partners With Welcome To Country
  • Marketing
  • Media

PayPal Partners With Welcome To Country

PayPal has partnered with Welcome to Country, Australia’s first Indigenous-led not-for-profit marketplace, which showcases businesses that support Aboriginal and Torres Strait Islander communities. Welcome to Country launched in 2019, providing an online platform for Indigenous experience providers across tours, day treks, scenic flights, bush food, festivals, art and cultural experiences. When the pandemic hit, the […]

Former Deputy PM Julie Bishop Now Has Her Own Barbie Doll
  • Marketing

Former Deputy PM Julie Bishop Now Has Her Own Barbie Doll

Former liberal politician and female icon Julie Bishop has further cemented her celebrity status by scoring her very own Barbie doll. According to The Sydney Morning Herald, Barbie creators Mattel, created the Barbie doll in Bishop’s likeness to honour her achievements. Unfortunately, the Julie Bishop Barbie won’t be for sale. Instead, the one-off doll was […]

Digital Marketing Agency Whitehat Debuts New Website
  • Marketing

Digital Marketing Agency Whitehat Debuts New Website

Full-service digital marketing agency Whitehat Agency has launched its new website and branding, with the end-to-end project delivered by its own team of experienced in-house website designers, developers and UX specialists. After a challenging 2020,  Whitehat Agency has experienced a very positive 2021 to date, onboarding nine new clients including The Dog Mum, Handpicked Wines, Compost […]

Fintech Start Up DiviPay Bolster Team With Head Of Accounting
  • Marketing

Fintech Start Up DiviPay Bolster Team With Head Of Accounting

Fast-growing fintech startup DiviPay has announced the appointment of one of Australia’s most influential and reputable public figures in the accounting world, Trent McLaren, as its head of accounting. The move will enable Divipay to expand its reach into the accounting industry, with the aim of growing its business customer base. DiviPay, Australia’s first virtual […]

Adhesive Wins PR For Domain Group
  • Marketing

Adhesive Wins PR For Domain Group

Independent agency Adhesive has been appointed the public relations agency of record in Australia for the Domain Group, a leading property technology and services marketplace. The appointment will see Adhesive support PR & communications and campaign media activity for Domain, across consumer, corporate and B2B market remits. Adhesive will work closely with Domain’s in-house communications, […]

New Podcast ‘Come Out Wherever You Are’ Launches On LiSTNR For Pride Month
  • Media

New Podcast ‘Come Out Wherever You Are’ Launches On LiSTNR For Pride Month

Sean Szeps is a gay father and a proud member of the LGBTQIA+ community who believes he does not know enough about those within his community that have different gender and sexual identities to his own. Feeling compelled to explore the unique experiences of every member of the community, Szeps’ new podcast, Come Out Wherever […]