Vertical classified search company, The Mitula Group Ltd has launched new sites in Tunisia, Kenya and the Philippines and says it plans to add a further three new countries in the June quarter in line with aggressive expansion.
The recent additions in Tunisia and Kenya are Mitula branded sites while the third in the Philippines is a branded Nestoria. They bring the total number of sites the company operates to a staggering 73 across 46 different countries.
Mitula’s current overall website portfolio including its other brands is 170 websites.
Mitula Group CEO Gonzalo del Pozo says the new sites in Tunisia and Kenya are important for the company’s expansion in Africa.
“These are rapidly expanding markets and we believe we can, over time, offer advertisers access to strong levels of traffic,” del Pozo says.
“The launch of the Nestoria branded site in the Phillipines will complement our existing Mitula branded site will provide advertisers with even more traffic.”
The Mitula branded vertical search sites operate across real estate, motoring and employment, while the Nestoria and Nuroa branded sites operate just in the real estate segment.
Advertisers send listings to the Mitula Group and when a visitor to one of the Mitula Group sites clicks on one of these listings, they are redirected back to the source site, thus generating traffic for the advertiser.
Revenues are generated from Google AdSense on its sites as well s advertisers paying for additional clicks on a cost per click basis. The company was founded in 2009.
It listed on the ASX on 1 July 2015 after raising $26.4 million in an IPO, for a total market capitalisation of $153.7 million.
Mitula reported a 92.2 per cent year on year growth in revenues to $20.6 million and a 78.6 per cent year on year growth in adjusted EBITDA to $9.5 million in the 12 months to 31 December 2015.
