Online retailer Booktopia has posted a $3.9 million loss for the first half of FY23, as revenue drops 15.3 per cent.

First-half revenue was down 15.3 per cent to $110 million, year-on-year, with EBITDA plummeting 67.7 per cent, to $1.32 million.

The total amount of books sold during the period were down 16.7 per cent, to 3.94 million.

In addition, the average selling price for each book dropped 2.4 per cent to $27.60.

Booktopia credits the $3.9 million loss to $2.72 million in accelerated asset depreciation, and an ACCC fine.

“The first half presented difficult trading conditions with various economic headwinds combined with volatile conditions as consumer behaviour adjusted to the post-COVID retail environment,”  Booktopia chairman Peter George said.

Last month, Booktopia axed around 15 per cent of its workforce, roughly 40 jobs, as it attempts to counter falling sales and ballooning costs.

Booktopia said this was part of an overall restructuring of the business, aimed at improving earnings by between $12 – $15 million for the current financial year.

The company will increase postage, cut advertising costs, and leases, and claw back $4-$5 million in annual wages through the redundancies.