Redbubble has increased its revenue by 29.7 percent in FY2018, reaching $182.8m from its prior corresponding period (pcp) result of $141m.
Looking at its earnings before interest, tax, depreciation and amortisation (EBITDA), Redbubble has decreased its losses, from -$8.1m in FY2017 to -$7.3m in this year’s results.
The personalised print marketplace has been focusing on mobile to drive its growth, with mobile gross transaction value (GTV) increasing 57.1 per cent, reaching $89.8m from $57.2m in the pcp. Overall GTV increased 31.9 per cent, reaching $231.3m from $175.4m in the pcp.
The number of artists using the platform to sell their products has also increased, by 28.2 per cent, with 298,700 now listed on Redbubble, from 233,000 in the pcp.
Gross profit for the company comes to $63.9m, a $13m increase from the pcp, where the company made $50.1m, coming to a growth of 27.5 percent.
In a conference call to investors, outgoing CEO Martin Hosking says, “I will continue to be involved in Redbubble as a major shareholder and as a non-executive director.
“We now have 225 staff with offices in Berlin and San Francisco, as well as Melbourne, up from 12 in 2010. There are 66 products available, versus 17 in 2010.
“There is no inherent ceiling on what is possible for Redbubble. The market opportunity is essentially unconstrained, the technology and cultural trends are all in our favour and we are in the box seat to take advantage of it. The only thing that stands in or way is our own capabilities, execution and ambition and continuing to seize the opportunity.
Following the release of its financials, the company has also addressed comments made by outgoing CEO Martin Hosking about potentially leaving Australia.
His replacement, current COO Barry Newstead, says the company is committed to keeping its operations base in Australia, a situation which would only change in a worst-case legal scenario, an outcome he says is too unlikely to discuss.
Addressing recent intellectual property issues the company has faced in Australia recently, Paul Gordon, company secretary, Redbubble, says, “At the moment we are waiting for the judgment in the Hells Angels proceeding. The hearing was late September last year. We have publicly appealed the finding in the Pokemon claim. That appeal hearing will be after the Hells Angels judgement.”
Comment below to have your say on this story.
If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.
Sign up to the Sprinter newsletter