It's been a year of growth for MyDeal, reporting a 111.1 percent increase in its Gross Sales for FY21 and an 83.1 percent increase in its Active Customers. But is its share price reflecting it?
The online marketplace is reporting a 111.1 percent increase in its FY21 Gross Sales on PCP to $218.1 million and suggests it is ‘strongly positioned’ to deliver sustainable growth via its active customer base and ongoing online adoption.
At the time of writing, its share price is at $0.64 a share, down 63.43 percent on a one year return. In the last five days, it has risen 6.67 percent, following a drop by 9.5 percent the week prior.
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“MyDeal has again delivered above industry growth rates with Gross Sales of over $218 million in FY21 by continually building on our value proposition of providing superior value to our customers and marketplace sellers,” said Sean Senvirtne, MyDeal’s CEO. “We have placed ourselves in an enviable position to harness the increased demand and ongoing transition to e-commerce, with active customers now exceeding 894,000. Growing the active customer base signifies the trust consumers have placed in our products, brands and shopping experience.”
The retailer launched its App in May, and while no figures have been shared regarding its download rate or ratings, Senvirtne notes that it has been “extremely well received, being highly rated and highly utilised.”
“We already see a higher customer conversion rate coming through, which makes me very excited about the future of this platform and its contribution to our growth,” he shared.
Its Active Customers have increased by more than 83 percent to 894,225, driven by the continuous online boom in Australia. Furthermore, its Private Label has increased and now contributes $8.8 million to Gross Sales for the year, compared to $0.3 million in FY20 during its soft launch.
“Our Private Label business has delivered a strong Gross Sales contribution and continues to grow. We remain focussed on building and augmenting our proprietary technology platform which is proving to be a core scalable asset of the business, and have invested in securing high calibre talent across all teams. The future of MyDeal is brighter than ever.”
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