Cettire shares jump on FY24 revenue growth up 80% vs pcp – but stock still badly bruised

Cettire Limited (ASX:CTT) shares jumped on Wednesday morning after the company revealed confirmed FY24 metrics underscoring strong revenue growth.

The online luxury retail provider confirmed – in response to a letter received from the ASX in the recent past – FY24 revenue growth was up 81% to $975M YoY vs $549M in FY23.

The average order value increased up to 7% in FY24 with the average customer spending $800 at a time. Shares jumped 4% in turn to $1.57ea.

Notably, active customers increased 64% to 692K individuals – despite the company being constantly haunted by allegations of selling fakes, or being the subject of AFR investigations alleging a failure to pay cross border taxes.

A full year FY24 report is anticipated to be ready in the second half of August, and anybody who’s just bought into the stock is probably pretty chuffed.

One week returns in the company are up +25%, but, one year returns are down -53% and YTD performance is down -46%. The once billion dollar market cap company currently has a more tame capitalisation at just under $600M.

Cettire has twice fallen from heights over $4/sh to less than one dollar – its volatility is perhaps not unfamiliar for anyone who’s held on for a few years now. Not helping matters is that company chief Dean Mintz likes to sell off large parcels of shares at inopportune times.

The AFR frequently describe him as “reclusive,” which is surely a dog-whistle for something, but what exactly isn’t clear.

CTT last traded at $1.57.