Trade Me owner’s profit surges

Trade Me’s parent company has posted a net profit of $9.1 million for the year to the end of June 2024, an increase of 93 per cent from $4.7m a year earlier.

Titan Parent NZ’s performance also marks a continued turnaround for the business after it reported a $2.3m loss in the year to June 2022.

Revenue for the 2023/24 financial year came in at $369.8m, which was up by 3.2 per cent from $358.4m in the prior period, statements filed to the Companies Office show.

A breakdown of the numbers reveals the total revenue for Trade Me’s holding company included $268.6m from classifieds, which was up from $247.2m.

This included $125.3m from Trade Me’s motors site, compared with $110.3m a year earlier, property listings climbing from $85.4m to $107.1m, and its jobs section falling from $51.5m to $36.3m. 

Revenue from its marketplace segment, which is generated from listing fees, depth fees and success fees, dropped from $81.4m to $74.9m.

Titan’s “other” category under revenue, which includes advertising, dating, payments, life and health insurance comparison, and general insurance, netted $26.1m. This was down from the $29.8m achieved in 2022/23.

The report also shows earnings before interest, tax and fair value and foreign-exchange movements rose from $222.3m to $232.2 year on year.

Titan, which is ultimately owned by UK-based private equity company Apax Partners, took control of Trade Me in May 2019.