The online furniture retailer on Monday released an update to the ASX, reporting that it closed the year ending June 30 with a cash balance of $9.9 million and net cash flows of more than $600,000 in the fourth quarter of FY18.
While these figures are pre-year end audit, with the final audited results to be presented at the company’s annual presentation in August, it marks the company’s first profitable half-year results since launching in 2011.
Coulter attributed the company’s turnaround to strong growth in both active customers and revenue and a sharp focus on cost base and margins.
“[Two] years ago we promised our shareholders we would reach profitability during calendar year 2018 without having to raise additional capital, and I am proud to say that we achieved this goal,” he said in a statement.
“Our strategy of being a category specialist, with a clear customer offering built around the largest range of furniture and homewares in the country, combined with the most inspirational content and the best customer service is working,” Coulter said.
“With only [around 5 per cent] of furniture and homewares being currently purchased online, we are well placed for strong growth for years to come.”
More to come.