Hyperion are backing Trade Me despite poor performance

Hyperion are backing Trade Me despite poor performance. Trade Me (TME) is an excellent little business. It's eBay, REA, Carsales and Seek all rolled into one within the New Zealand market. The NZ market is large enough for Trade Me to be quite profitable in, but it's not really large enough for a large global competitor to come in. We really like the real-estate, autos and the employment side to the business. They've been generating really strong growth. The part of the business that has been weak of late is their general items business (eBay side of the business). Managements aware of it and they're doing a lot to improve the website. They're introducing more new products, trying to create new categories. They've beefed up the executive levels of each of those business divisions and this is something we're glad they're doing. They're ensuring they maintain their market leading position.