Trade Me parent Titan Parent New Zealand reports flat year

Trade Me, acquired by British private equity firm Ajax in 2018 and recently the subject of listing speculation, reported negative earnings before tax.

Online auction giant Trade Me, long the subject of speculation it will be relisted on to the NZX by its private equity owners, has reported a flat 2024.

Accounts filed to the Companies Office by the firm’s holding company, Titan Parent New Zealand, covering the year to June 2024, show revenues of $370 million, marginally up from $358m the year prior.

Statutory profits of $9.1m were reported, although this was bolstered by $18.4m in “ineffective portion of changes of cashflow hedges”.

Earnings before interest, tax and fair value movements were negative $3m, compared to a positive $33.6m the year prior.

As is common with private equity structuring, considerable debt has been loaded into the company.

Interest-bearing loans and borrowing stand at $1.62 billion, attracting $191m in finance costs – up considerably from $151m in 2023.

Founded by Sam Morgan in 1999, Trade Me was sold to Fairfax in 2006, floated on the NZX in 2011, then delisted in 2019 after being acquired by British private equity firm Apax in 2018 for $2.56b.

Trade Me has in recent years acquired myRent and bought a 13% slice in consumer investment platform Sharesies and a 40% stake in Real Flow Finance. Its share of losses from associates and joint ventures declined to $1.7m from $3.8m.

Trade Me, and its immediate future, has been a regular subject in business gossip columns, with suggestions Apax is eyeing a public listing to exit.