Personalised print marketplace Redbubble has strong results for the last half year, generating a revenue of $102.3m, up 30 per cent (or up 32 per cent on a constant currency basis) from $78.7m in the prior corresponding period (pcp).
The company’s earnings before interest, tax, depreciation and amortization (EBITDA) for the half year was $0.9m, surging up 185.6 per cent from a loss of $1.1m for the same period the year before. Net loss after tax was $2.3m, down 17.7 per cent from $2.8m for the pcp.
The company’s gross profit of $35.3m was up 24.7 per cent or 26.1 per cent on a constant currency basis from $28.3m. Gross profit after its paid acquisition was $25.7m, up 18 per cent or 18.6 per cent on a constant currency basis from $21.7m. Total acquisition costs were 9.4 per cent of revenue for the half.
[Related: Redbubble losses slow as growth surges]
Redbubble says it is growing because among its other strategies, it is advancing its cost and technological capabilities within print-on-demand and manufacturing-on-demand. In addition, the company says its shift toward combining personalisation and sharing economies on the internet have made it economically viable to produce single items for individual customers on demand.
Gross transaction value (GTV) was $129.8m, up 31.7 per cent from $98.6m the year before or 33.1 per cent for the year before. The Average Order Value (ADV) for the half was $45.90, down 5.7 per cent from $45.90 for the same period the year before, which Redbubble says is due to an increasing product share of lower value sticker items.
Redbubble’s customer numbers increased by 40.2 per cent year on year to 2.35 million from 1.68 million, with there being 18 million new customers during the half year. Selling artists increased by 33.1 per cent year on year to 218,800 from 164,300 and during the half, the company reached a milestone of artists’ aggregated earnings exceeding $100m since the inception of the business. Visits to the site increased by 39.3 per cent year on year to 127.5 million, of which Redbubble says mobile represented 54.3 per cent. The year before Redbubble’s site saw 91.6 million visits.
The company says it is on track to achieve its EBITDA guidance for FY2018.
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