Carsales.com.au posts maiden financial results

Carsales.com.au has issued its maiden financial results since first listing on the stock exchange (ASX: CRZ) in September 2009, recording a 51 per cent year-on-year increase in net profits after tax for the half year to 31 December 2009 of $19.1 million.

Operating revenues excluding interest was $56.1 million up 26 per cent year-on-year, while EBITDA was $28.7 million, up 48 per cent.

Carsales.com chief executive officer and managing director, Greg Roebuck, said in an ASX statement that the results were underpinned by a recovery in the automotive sector and the migration of both audience and advertising revenue to online.

“Our first half revenue results are strong and reflect the consumer’s preference for buying and selling online as well as improving performances in the retail automotive sector and our other verticals,” Roebuck said.

Highlights for the half included continued growth in private ad placements, with the automotive sector of the business up low double digits on the previous year, Roebuck said.

The company also launched several new products including the mobile site carsales.mobi, dealer real-time price tracking tool LiveMarket, and a boat showroom site.

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