Australian online fashion retailer MySale has posted a triple digit rise in underlying profits thanks to a growth strategy focusing on high lifetime value customers.
In the year to June 30, underlying pre-tax profits shot up 226 per cent to AUD $3.3 million (£1.94 million) while underlying EBITDA saw a similarly significant 59 per cent rise to AUD $87 million (£51.13 million).
The retailer, which has investment from both Sports Direct‘s Mike Ashley and Arcadia‘s Sir Philip Green, manages its operations on underlying EBITDA as it reportedly provides a more accurate figure of performance.
Revenues also rose by six per cent to AUD $268.4 million (£157.74 million) over the period. But reported profit saw a significant turnaround, dropping from AUD $167,000 (£98.15,000) profit to a AUD $1.5 million loss (£880,000) loss.
“We are very pleased with the group‘s progress during the year and the improved financial performance, which delivered significantly increased underlying EBITDA,” chief executive Carl Jackson said.
“Sustained focus on our strategic goals has delivered yet another year of growing revenue and, more importantly, increasing profitability.
“Investment into our proprietary technology has accelerated and this year saw the launch of a brand new platform which will support all the group‘s activities, including marketplace, in the future.
“This year has started well with revenue growth accelerating from last year and strong growth in underlying profitability. While our peak trading period is still ahead of us, we expect that underlying EBITDA for the year will be at least in line with the upper end of market expectations.”