Trade Me adds Christmas to watchlist
Trade Me's trading volumes are holding up, but the broader economic upturn forecast at its float a year ago has not emerged.
The online auction site owner says earning guidance for the second half of the year remained in line with last year's prospectus, but meeting the forecast was "always contingent on activity levels in the run-up to Christmas".
Opening the company's annual meeting in Wellington, chairman David Kirk said Trade Me was well-positioned to continue to grow and to pay out 80 per cent of net profit as a cash dividend.
The smartphone revolution was reshaping the way people interacted with the site. In September, 28 per cent of all visits were from mobiles, up from about 10 per cent a year ago.
Trade Me shares hit a record high of $4.45 yesterday after a strong surge in recent weeks. They are currently trading down 15 cents at $4.30.
- © Fairfax NZ News