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- Online household goods seller MyDeal.com.au (MYD) has revealed strong increases in customer numbers and sales figures in its 1H FY21 report
- The virtual marketplace tabled a 205 per cent increase in active customers and a 217 per cent jump in gross sales to total $126.7 million
- MyDeal’s revenue performed even better over the half-year, increasing by 248 per cent to hit $21.2 million amid a jump in the company’s private label sales
- Despite the increases in sales and revenue, MYD still ended December 31 with an earnings before interest, taxes, depreciation and amortisation (EBITDA) loss
- The company’s EBITDA dropped from $300,000 in 1H FY20 to a $1.4 million loss this period due to investments in customer acquisitions and private labels
- Looking ahead, MyDeal expects the sales momentum to continue across H2 FY21 after strong results were recorded in January
- Company shares are trading are down 4.76 per cent at $1.20 per share
Online household goods seller MyDeal.com.au (MYD) has revealed strong increases in customer numbers and sales figures in its half-year report.
The virtual marketplace business tabled a 205 per cent increase in active customers and a 217 per cent jump in gross sales to total over 813,000 and $126.7 million, respectively.
MyDeal’s revenue performed even better over the half-year period, increasing by 248 per cent to hit $21.2 million, while gross profit hit $18.9 million, a rise of 210 per cent year on year.
The company has credited the rise in sales, revenue and profit to a range of factors, including improved conversion rates, higher average order value and a jump in repeat transactions.
“We are pleased to have delivered a record half in gross sales, gross profit and revenue,” Founder and CEO Sean Senvirtne said.
“The strongest results in MyDeal’s history are a testament to the efforts of the team and confirms our growth strategy is on track to meet our targets,” he added.
Despite the increases in sales and revenue, MYD still ended December 31 with an earnings before interest, taxes, depreciation and amortisation (EBITDA) loss.
The company’s EBITDA dropped from $300,000 in 1H FY20 to a $1.4 million loss at the end of this period.
The company has blamed the loss on increased investments in customer acquisitions as well as MYD private labels.
Looking ahead, MyDeal expects the rising sales momentum to continue across H2 FY21 after an unaudited increase of 190 per cent was recorded in January.
The company is also on track to launch its MyDeal app on Android and iPhone sometime during the second half.
Shares in MyDeal.com.au are trading are down 4.76 per cent at $1.20 per share at 2:21 pm AEDT.
