SYDNEY—Leading Australian vehicle classifieds advertiser, Carsales.com, has reported a significant increase in its annual adjusted profit, jumping by an impressive 43%. For the 12 months ending in June, the company generated an adjusted net profit of AUD 278.2 million (USD 180.7 million), with revenue reaching AUD 781.0 million, a notable rise of 53%.
These results surpassed the average analyst forecast of AUD 265.5 million, as gathered by FactSet's data. Consequently, the board has declared a final dividend of 32.5 Australian cents, compared to 24.5 Australian cents in the previous year. Building on its success, Carsales.com confidently anticipates vigorous growth in both revenue and adjusted earnings throughout fiscal 2024.
On a statutory basis, net profit surged from AUD 160.8 million to AUD 645.6 million due to the acquisition of the remaining 51% stake in U.S. RV marketplace Trader Interactive, along with an increased stake in Brazil's Webmotors. In May, Carsales.com completed the acquisition of an additional 40% share of the Webmotors vehicle marketplace, investing roughly USD 240 million after raising AUD 500 million in equity. Presently, Carsales.com holds a majority ownership of 70% in Webmotors, while the remaining 30% is held by Banco Santander (Brasil).
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