MySale posts 15% gross profit growth in H1
The group saw strong gross profit growth in the period, up 15% driven by 250bp margin improvement. MySale's underlying EBITDA for the period reached A$1.5m; a A$12.9m improvement on the prior year, and the company saw an overall growth of 4%. In South East Asia, it reported revenue growth of 8% and gross profit skyrocketed by 187%.
The company has a strong balance sheet with a cash balance of A$30m and an underlying cash position of A$52.2m. In H1, it said its average order value rose 17% to A$84, and average revenue per active member increased 6% to A$293. MySale has seen a further growth in mobile, which now represents 59% of orders, up from 55% in 2014. Over 5.5m of its mobile apps have been downloaded.
As planned, it reduced its active members in H1, by 10% to 731,000 as the company prioritised growth in gross margin. Active members have returned to growth in H2. Acquisition of the Australian online retail business was completed after the end of the period.
Carl Jackson, CEO, said: “The group had a good start to FY2016 as the planned strategic initiatives have delivered both improved financial performance and positioned the group for further, profitable growth. Our focus for the first half of the financial year was to restore the business to profitability and to refocus around our simplified strategy. This was successfully achieved and we were also able to grow our revenues once again."
”We are pleased with the start to the second half of the year, as we have seen good momentum in revenue growth. There is still a lot of hard work ahead, but we have a well-invested technology, marketing, buying and distribution platform capable of supporting a much bigger business, so we look to the future with confidence. ‘’
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