- Online retailer Temple & Webster Group (TPW) has posted a strong set of unaudited half-year results for the six months to December 31
- TPW’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumped 556 per cent year on year to total $14.8 million
- Revenue over the period hit $161.6 million, an increase of 118 per cent compared to the same time in 2019
- The business also recorded its first day of $3 million in checkout revenue, boosted by consumer’s changing shopping habits post COVID-19 lockdowns
- The jump in revenue and EBITDA helped Temple & Webster end the period cashflow positive with $85.7 million in the bank
- Looking ahead, the company said January’s revenue growth was tracking in excess of 100 per cent
- Shares in TPW are trading down 6.52 per cent despite the results at $10.32 each
Online retailer Temple & Webster Group (TPW) has posted a strong set of unaudited half-year results, including massive increases in revenue and earnings.
Financial results
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) was one of the best performers, jumping 556 per cent year on year.
At the end of 2019, Temple & Webster posted $2.3 million in EBITDA, while at the end of 2020 the company had $14.8 million in earnings.
TPW’s revenue also performed well, totalling $161.6 million — an increase of 118 per cent compared year on year.
These increases helped the online retailer end the half-year period cashflow positive with $85.7 million in the bank, including the proceeds of a recent $40 million placement.
Performance results
Along with increases in revenue and EBITDA, Temple & Webster recorded a 102 per cent jump in the number of active customers, hitting 687,000.
There was also a 6 per cent jump in the amount of revenue each active customer was bringing in over 1H FY21.
In addition to this, the business recorded its first day of $3 million in checkout revenue in November.
Commenting on the results, Temple & Webster CEO Mark Coulter said the company had benefited from shifting consumer habits and changes to the workforce brought on by COVID-19.
“While 2020 remained a challenge for the country, we are proud that many Australians continued to turn to Temple & Webster for their furniture and homewares needs,” he said.
“It is great to see our revenue growth translating into operating leverage and significant profit growth,” Mark added.
Future results
Looking ahead, the company said January’s revenue growth has been tracking in excess of 100 per cent.
The company said it continued to “experience strong tailwinds” and was expecting to continue to benefit from the move to online shopping.
“The advantages of being the online market leader are apparent as we continue to grow our market share,” the CEO said.
Shares in Temple & Webster are trading down 6.52 per cent despite the results at $10.32 each at 11:10 am AEDT.