- The Market Ltd has posted revenue growth of +45% vs 1HFY23
- Total revenues climbed to $47M vs $32.4M in the previous financial year
- The company ended the period with $8.9M cash
- Shares last traded at 27c
The Market Limited (ASX:MKT) has posted its half yearly results, clocking 45% revenue growth vs 1HFY23 to $47M.
The company’s impressive revenue boost was driven by the acquisition of Gumtree Group in 2022.
Gumtree – a staple favourite marketplace of the Australian internet landscape – also includes Carsguide and Autotrader Australia.
Together, the Group’s acquisition allowed for the repayment of $5M of a CBA loan.
“The importance of the Gumtree Group to The Market Limited is evident … both Carsguide and Autotrader have leading positions in the segments they operate in,” the company reported.
“In the last 6 months we have launched our first transactional offerings, with the roll-out of our Instant Cash Offer solution to sell cars privately being a highlight.”
The company did have to swallow $0.8M in legal costs related to a legal stoush stemming from the days of former management, and, a downgrade in the value of the Canadian business.
But The Market Limited has revenue growth tracking strongly, even ahead of the US Federal Reserve cuts tipped for H2CY24.