Investors pushed Trade Me shares up nearly 7% after the online auction company reported a full-year financial result in line with forecasts.
Trade Me reported revenue of $199.7 million for the year ended June and an operating profit of $135 million, up 4% from the $128.7 million reported in the previous corresponding period.
The reported profit was flat on $80.1 million but the operating cash flow improved to $113.2 million.
Craigs Investment Partners broker Chris Timms said guidance for continued growth in revenue and earnings would give the market some confidence in the strength of Trade Me's business and see the shares trade up following a ''severe'' sell-down in the previous three months.
''At this stage, we do not envisage making any material underlying changes to our forecast.''
Reviewing the numbers, Mr Timms said there were some signs of stabilisation in the general items emerging from the second half as SuperGrid and other site improvements were introduced.
Management commentary pointed to further focus on improving the product offer, including shipping, in the current financial year.
Classified advertising was up 16.4% on the pcp and job advertising was down slightly on $19.4 million.
Property revenue was up 5% on the pcp.
However, the result was ''messy'', with yields up 48% and volume down 29% as Trade Me lost traction with real estate agents.
The property volume decline was disappointing, given Trade Me's capitulation on fees a year ago.
Trade Me's market share had been flat over the past 12 calendar months, with most of the fall in volume market share occurring between January and June 2014.
The one promising sign, and the main driver of the property revenue surprise, was the improvement in premium revenue half-on-half, which Trade Me attributed to its new direct sales team, Mr Timms said.
''The key challenge for Trade Me property remains to recover market share of listing.''
Trade Me chief executive John Macdonald said there had been encouraging progress over the year.
Trade Me had improved its products, made investments and strengthened its teams.
''Our efforts are starting to deliver returns and we're confident about the opportunities in front of us.''
Looking ahead, Mr Macdonald said there was much to be optimistic about.
