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Redbubble revenue up by almost 30 per cent

RedbubbleRedbubble Limited lodged its fourth quarter and full year earnings for the period ending 30 June 2018, finding annual revenue of $182.8 million, up 29.7 per cent year over year.

The online marketplace was able to maintain a full year gross profit margin of 35 per cent, reaching a gross profit of $63.9 million, an increase of 27.5 per cent over last year.

“Over the fourth quarter, the businesses demonstrated its ability to achieve strong top-line growth rates; in particular, the continued acceleration of unpaid [gross transaction value] growth,” reads the update.

“In particular, 4Q2018 delivered robust gross profit margins of 36.9 per cent as the business scales and benefits from improving unit economics. The higher margins in 4Q2018 underpins strengthened confidence in future margins.”

Redbubble believes these growth rates are sustainable in the long term, based on the company’s commitment to delivering on “strategic initiatives to accelerate the market flywheel”.

Total cash outflow for FY2018 was $6.6 million compared to $14.2 million for the previous year, with the closing cash balance reaching $21.3 million.

“The business is continuing to scale, driven by strong fundamentals, improving unit economics and propelled by good momentum,” says the report.

“Redbubble expects to maintain Revenue growth rates at or above 30 per cent on a constant currency basis.”

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