News and Announcements
LatAm Autos Delivers Record Revenue Growth of 44.7%
- Published August 24, 2016 4:01PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
23rd August 2016, ASX Announcement
Leading Latin American online auto classifieds business LatAm Autos Limited (ASX:LAA), is pleased to announce its results for the six months ended 30 June 2016 (1H 2016).
Commenting on the Company’s growth over the first half of 2016, Executive Chairman Mr Tim Handley said: “We have a focused growth strategy in place with the aim of making LatAm Autos the dominant dedicated online auto classified and content company in Latin America [excluding Brazil]. The first half results, financial and operationally, have delivered to our expectations.”
“We have continued to successfully grow market share and our products have gained strong traction, as can be seen in LatAm Autos’ revenue growth in local currencies of between 24% and 70% in each of the markets we operate in. In addition, with 186,000 listings, more dealers and higher site traffic, we are well placed to continue our growth trajectory over the second half of this year and move closer to cash flow break-even,” added Mr Handley.
1H 2016: Investing in growth
- Revenue up 44.7% to $3.9 million (vs 1H 2015)
- Underlying EBITDA loss of $6.0 million
- Cash of $12.7 million at 30 June 2016
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