Updates FY17 expectations.
Within the first half of FY17, Kogan.com has exceeded its forecast for pro forma trading EBITDA, which reached $7.3 million, up from $2.6 million in 1H16, and net profit after tax (NPAT), which was $3.7 million, up from $1.3 million in 1H16.
Commenting on the results, Kogan.com founder and CEO, Ruslan Kogan said, “We are pleased to deliver results for our shareholders that exceed full year prospectus earnings forecasts and demonstrate that we are on track to continue to build the Kogan.com business in line with our long term business strategy.”
“Following the IPO, we have sought to capitalise on growth opportunities in private label, while being disciplined in our purchasing decisions. Most of the products ordered with the IPO proceeds arrived in our warehouse in the second quarter and, as a result, that quarter saw strong growth in the private label division,” he added.
The active customer base grew to 830,000, an increase of 18.2% from 30 June, 2016, driven by strategic marketing initiative and growth in the Kogan brand. Kogan Mobile is also continuing to grow at a strong pace with new customer acquisitions and repeat customers.
Following stronger than expected results in 1H17 and trading results for January 2017 that are ahead of the FY17 prospectus forecast monthly projection, Kogan.com is now forecasting pro forma trading EBITDA of between $10.5 million and $11.5 million for FY17.