- Carsales.com has seen FY19 profits grow 3 per cent and revenue is up by 11 per cent
- Internationally, operations in South Korea and Brazil performed best
- Carsales’ share price is up 12.8 per cent today, currently sitting at $15.75 apiece
Carsales.com has seen its profits and revenue increased 3 per cent and 11 per cent respectively, over the 2019 financial year.
The company attribute its investment in new products and markets as a saviour, while the Australian vehicle sales market remains subdued.
CEO of Carsales Cameron McIntyre said: “We are very pleased with the company’s performance and our ability to respond to challenging market conditions to deliver continued growth while investing for the long term”.
Dealer and Private businesses recorded a growth in revenue, alongside the used car market.
Operations in Brazil and South Korea were favourable, turning out revenue growth of 35 per cent and 13 per cent respectively.
In Chile, Mexico and Argentina revenue reached double digits in the local currencies, and non-financial KPI’s have good growth, according to the company.
Cameron said “we also continue to deliver on our international growth strategy. Our global businesses all made excellent progress in [the 2019 financial year], delivering an increasingly significant contribution to our results and building the foundations for long-term growth”.
Shareholders will receive a final dividend of $0.25 per share, up 5 per cent on the previous year. This brings the total dividend for the fiscal year to $0.455 per share.
Carsales.com’s share price is up 12.8 per cent today, currently sitting at $15.75 apiece as of AEST 3:10 pm.