- In its AGM update, Carsales.com reveals that excellent results in Asia are driven by solid growth in South Korea.
- In FY22, carsales is planning to launch a differentiated digital product experience called carsales Select.
- The Company has declared a final dividend of 22.5 cents per share, representing an 80% payout ratio.
ASX-listed Company which owns and operates a portfolio of automotive and related industry websites Carsales.com Ltd (ASX:CAR) shared in its AGM update on 29 October 2021 that the Company has reported good earnings growth across its Domestic and International businesses despite the impact of COVID-19 lockdowns.
The Company today revealed:
- Expanded Group Adjusted EBITDA margin to 58%, whilst continuing to invest for the future.
- The strong international result with South Korean revenue up 21% and International now representing 24% of look-through revenue.
- Excellent free cash flow generation and a strong balance sheet which supports a final dividend of 22.5 cents per share, representing an 80% payout ratio
- CAR has delivered 4% growth in Adjusted Revenue.
- Adjusted EBITDA growth of 10%, reflecting strong margin performance.
- The Coronavirus pandemic has accelerated the readiness of consumers to trade in used cars online.
- The Company has outstanding free cash flow generation and a strong balance sheet that supports a final dividend of 22.5 cents per share, representing an 80% payout ratio.
The Company stated that the final dividend of 22.5 cents per share, down 10% on pcp, reflects the increase in the number of shares from the recent entitlement offer in relation to the Trader Interactive acquisition.
Today, the stock CAR was spotted trading at a low of 1.771% at AU$24.970 per share on ASX at 12:48 PM AEDT.
The Company is well-positioned to continue delivering long-term shareholder value through world-class capability, exposure to international growth markets and investment in new products and services. 11% growth in Capex announced today reflects CAR’s continued investment in technology platforms and new products to drive future growth. In FY22, carsales is planning to launch a differentiated digital product experience called carsales Select. The Company is focused on helping dealers to bring more of the car buying process online.