The new management team behind the owner of the HotCopper share trading forum and classifieds site Gumtree has done a dramatic about-face, scrapping plans to become the “Financial Times of South-East Asia” and instead says it will target Carsales, Seek and real estate.

Tommy Logtenberg, the new chief executive of The Market – known as The Market Herald until this month – said the turbulence that had plagued the company for the past year was over.