- MyDeal.com.au (MYD) has recorded strong year-on-year growth across its revenue, gross sales and active customer segments in Q3 FY21
- Revenue was the best performer, up 175.8 per cent to $8.3 million, while active customers grew 157 per cent to 883,397 by the end of March
- Gross sales hit $44.7 million, an increase of 104.5 per cent compared to Q3 FY20, while the nine-month year-to-date gross sales for MYD sit at $171.4 million
- Sales were slightly down on the second quarter of FY21, but MyDeal has attributed the change to a weaker post-Christmas trading period
- The online marketplace ended March 31 with $45 million in the bank, having spent $2.34 million on operating activities
- Going forward, MYD has pegged sales growth to moderate throughout Q4, but noted April sales were on track to beat last year’s figures
- Shares in MyDeal.com.au are trading up 3.25 per cent at 79.5 cents per share
MyDeal.com.au (MYD) has recorded strong year on year growth across its revenue, gross sales and active customer segments in Q3 FY21.
The online marketplace has released its latest quarterly report for the three-month period ending on March 31.
It shows revenue was up 175.8 per when compared to the period last year, totaling $8.3 million altogether.
Active customers also grew by 157 per cent year on year, to total of 883,397 customers at the end of March.
Meanwhile, 56.1 per cent of all transactions over the period came from returning customers, up from 48.4 per cent in Q3 FY20.
Gross sales hit $44.7 million at the end of the period, an increase of 104.5 per cent compared to Q3 FY20.
MYD also revealed its nine-month year-to-date gross sales were $171.4 million, eclipsing FY20’s total sales record of $103.3 million.
However, when compared to last quarter’s results, MyDeal’s gross sales for the March quarter were slightly down on December’s.
The company has attributed the change to coming out of peak Christmas trading period, saying it reflected “normal seasonality”.
In terms of finances, the online marketplace ended March 31 with $45 million in the bank, having spent $2.34 million on operating activities.
At that rate of spend, MyDeal has enough cash stashed away to keep operating for another 19.2 quarters.
Looking ahead, MYD has pegged sales growth to moderate throughout Q4 but noted April sales were on track to beat last year’s figures.
“As we enter Q4 FY21, we naturally expect the high growth we have seen in the nine months to 31 March to moderate as we cycle the COVID-19 lockdowns in the previous corresponding period,” CEO Sean Senvirtne said.
“With that said, it is pleasing to report that Q4 has started positively, showing gross sales growth in April to date against the same period last year, noting that April 2020 was our second highest growth month last year,” he added.
Shares in MyDeal.com.au are trading up 3.25 per cent at 79.5 cents per share at 12:43 pm AEST.