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.
