A growing customer base and investment in technology has helped flash sales retailer MySale to record a surge in profits and revenues in its half-year results.
The Australian-based online retailer, which also trades in New Zealand, south-east Asia and the UK, saw revenue spike by 11 per cent from AUD $137.7 million to AUD $151.9 million (£85.1 million) in the six month period ending December 31.
Gross profit also surged 19 per cent from $38.4 million to $45.6 million (£25.5 million), and underlying EBITDA skyrocketc 80 per cent from $3 million to $5.5 million (£3 million).
Meanwhile, underlying profit before tax grew by a whopping 266 per cent from $600,000 to $2.3 million (£1.2 million).
MySale also reduced its reported loss before tax during the period, from $1.3 million in 2016 to just $100,000 (£56,000) in 2017, and its active customer base increased 12 per cent to one million.
The firm, which has investment from both Sports Direct‘s Mike Ashley and Arcadia Group‘s Sir Philip Green, credited its growth to accelerated investment into its data-driven proprietary technology platform and an increasing uptake of its Ourpay “buy-now, pay-later” payments system.
MySale added that mobile transactions now represented 60 per cent of orders, but the average order value was stable at $87 (£48).
The launch of its new subscription delivery service, Ourpay Select, and updates on its merchandising and planning also enhanced the firm’s sales, margin and operational benefits.
“We are very pleased to be reporting a record first half performance with growth in underlying EBITDA of 80 per cent underpinned by double digit online revenue growth and improved gross margins, our sixth consecutive half of gross margin gains,” chief executive Carl Jackson said.
“This strong performance has been driven by our technology platform, which continues to enhance both our customer offer and relationships with our global brand partners.
“Our growth strategy remains focused on harnessing our proprietary platform to scale up our proposition globally.
“We have made significant progress over the half, particularly in increasing our product range whilst further developing our proprietary financial services and subscription delivery propositions, Ourpay and Ourpay Select.
“It has been a great start to the new financial year and we approach the second half with confidence, with an exciting range of strategic opportunities ahead.”