Annoucement

The Good

• 9% QoQ increase in total revenue to $21m - $58.4m YTD. 

• 35% QoQ increase in EBITDA to $2.3m - $5.7m YTD

• Positive operating cash flow of $890k and free cash flow of $272k which led to a marginal improvement in cash position to $15.4m. Third consecutive quarter of positive operating cash flow.

• Operating expenses continue to remain flat

• General improvements shown across most of the groups business’s

The Not So Good

• Reported web metrics are flat over the previous quarter which may be a bit of a leading indicator for growth in the operating regions. These have only been reported over the last two quarters so it may be a little early to draw any inferences from these metrics

• Zameen revenues improved slightly, however EBITDA was down QoQ. (This result was impacted by currency appreciation) 
• Yappo (LATAM) and PropertyPro (MENA) also had ongoing EBITDA declines over the quarter.

Watch Status

What To Watch

• Q4 will require 14% total top line growth to match FY22 revenue which will 
• Improving operating margins mean that EBITDA is currently on track to exceed FY22 and deliver positive operating cash flow for the year.
• Roll out of Iris into wider LATAM markets expected to generate new revenues. This will show up in the “Other” revnue category in future reports.
• Avito has become the strongest performing brand by EBITDA. One off?