The Swiss online marketplace owner TX Group has announced its results for Q2 of the 2022 financial year. The company that operates several print media titles and advertising company Goldbach saw revenues (-1.7%) and operating income (-76%) fall year-on-year on a company-wide level.
As for TX Group's online marketplaces segment which represents around 15% of company revenue, the picture was somewhat rosier with operating income up from CHF 43.4 million to CHF 53.8 million thanks to the business combination with the Swiss Marketplace Group (SMG).
SMG is the combination of the classifieds assets of TX Markets, Ringier and Scout24 which came into being in September 2021 and is a dominant force in the country's classifieds markets.
TX Markets Owns 31% share of SMG to which it contributed Homegate (real estate portal), Ricardo and Tutti (generalist classifieds) and Car For You (autos marketplace).
According to TX Group, SMG has managed to achieve some initial synergies around marketing and reducing headcount by around 70 employees. The company's announcement had little to say about the performance of its Swiss real estate portals, only noting that the market was "dry" and that the group continues to benefit from its strong market position.