Carsales float is still on
Monday, September 10, 2007/
Carsales.com.au may still float this year, managing director Greg Roebuck told SmartCompany this morning, denying a newspaper report that says the float will be pushed back until next year.
Roebuck says the company will list when the time is right and there is still the potential to list this year. The business, which was launched in 1998, dominates the online car advertising market. Revenue jumped 60% to $46 million in 2006-07 and net profit rose 100% to $11.8 million.
Carsales is integrating two recent purchases, including Discount Vehicles Australia and Automotive Data Services (publisher of vehicle valuation guide The Red Book.)
Roebuck says the purchase of The Red Book last month has given the company a great opportunity to expand into overseas markets. “It has operations in China, Singapore, Malaysia and Hong Kong,” Roebuck says. “We are going to look at each of the markets and see which of our products is right for each region.”
Readers: Next Thursday, September 20, Greg Roebuck features on Lunch with an Entrepreneur.