“We are very pleased to be reporting a record first half performance with growth in underlying EBITDA (earnings before interest, taxes, depreciation and amortisation) of 80 percent underpinned by double digit online revenue growth and improved gross margins, our sixth consecutive half of gross margin gains,” said CEO, Carl Jackson.
“This strong performance has been driven by our technology platform, which continues to enhance both our customer offer and relationships with our global brand partners.”
The Group reported underlying EBITDA growth to a record $5.5 million (compared to $30 million in first half 2017), gross profit increase to 19 percent (about $45.6 million), gross margin increase 200 bps (basis points) to 30.1 percent and revenue increase 11 percent to approximately $151.9 million.
The Group’s growth strategy moving forward will remain focused on harnessing its proprietary platform to scale up its proposition globally. The first half of financial year 2018 saw an increase in product range as well as developing its proprietary financial services and Ourpay (a buy-now, pay-later’ payments system) and Ourpay Select subscription delivery propositions.
Interestingly from an e-commerce trends perspective, the Group reported that mobile activity is growing and currently represents 60 percent of orders, product return rates sit at 5 percent and cumulative app downloads have reached 7.5 million.
“It has been a great start to the new financial year and we approach the second half with confidence, with an exciting range of strategic opportunities ahead,” said Jackson.