Leading global classifieds company the Mitula Group has released its full year preliminary financial report for the twelve months ending 31 December 2016 and also celebrated a strong start to 2017.
The group, which has vertical sites that span across property, fashion and automotive, announced it delivered $8.2 million in profit after tax; an increase of 215.7% over 2015 and started 2017 favourably with record revenue, visits to its sites and click outs to its partners.
- The Mitula Group delivered $8.2m in profit after tax, an increase of 215.7% over 2015;
- Revenues increased by 36.2% to a $28.0m and Adjusted EBITDA increased by 32.9% to $12.7m – both within the market guidance provided in November 2016;
- The strengthening of the Australian dollar had a negative impact on revenue which, on a constant currency basis, would have been $28.5m;
- During the year, the Company self-funded acquisitions and maintained a strong financial position with a cash balance of $20.5m at 31 December 2016;
- The Mitula Group started 2017 strongly with January being a record month for revenue, visits to its sites, and click outs to its advertising partners; and
- The Company has reconfirmed its guidance for 2017 and expects to deliver revenue of $38.0m to $41.0m with an Adjusted EBITDA of $17.0m to $19.0m.
Mitula CEO Gonzalo del Pozo commented on the group’s growth in a press release stating:
“2016 was a very good year for the Mitula Group. We delivered strong growth on all key financial metrics. Particularly pleasing was the 215.7% increase in profit after tax driven by strong growth in revenue and Adjusted EBITDA.
“Following the acquisition of Nuroa in February, and the launch of our fashion vertical and other new sites throughout the year, we now operate 88 vertical search sites across property, employment, motoring and fashion in 50 countries and 19 languages.
“In the second half of 2016 we accelerated the roll out of our growth strategy with new products accounting for 6.4% of revenue. In Tier 1 (Established) markets, we now provide advertisers with display advertising products and in Tier 2 (Emerging) markets we now provide end advertisers (e.g. agents, car dealers, and employers) with new ways to work more closely with the Mitula Group.
“In September, we took our first step in getting closer to the transaction with the acquisition of the DotProperty Group in SE Asia. This acquisition provides us with 10 property portals operating in 9 countries. This business continues to grow rapidly and will be a strong revenue contributor in 2017.
“This year started well for us with January being a record month for revenue, visits and click outs to our advertising partners. We continue to be on track to deliver our market guidance for 2017.”