Kogan.com has posted full-year net profit after tax of $800,000, exceeding its prospectus forecast by 100 per cent, while its Dick Smith business delivered a revenue boost and exceeded expectations.
Kogan.com posted revenue for the full year of $211.2 million, exceeding its prospectus forecast by 5 per cent, with Dick Smith delivering revenue of $6.5 million.
Excluding Dick Smith, Kogan.com outperformed its revenue forecast by $3.6 million.
Kogan.com had relaunched Dick Smith as an online-only technology retailer in May, having acquired the business in March.
Subsequently listing on the ASX in July at a share price of $1.80, Kogan.com had seen its share price fall after debut, hitting $1.46 towards the end of last month, with it climbing in recent times, trading at $1.67 yesterday.
Kogan.com’s earnings before interest, taxes, depreciation and amortisation was $4 million, exceeding its prospectus forecast by 37.9 per cent, which it attributed to revenue growth and gross margin expansion.
“We are pleased to deliver results for our shareholders that exceed prospectus forecasts and demonstrate that we are on track to continue to build the Kogan.com business in line with our long-term business strategy,” Kogan.com founder and CEO Ruslan Kogan commented.
“Our launch of Dick Smith ahead of schedule demonstrates the capability of our team to rapidly deliver major complex projects, as does our successful launch of Kogan Mobile and Kogan Travel in 2015.
“Following the IPO, we have released the capital constraints on the business, allowing us to aggressively pursue our growth ambitions.”
Kogan.com has reaffirmed its financial year 2017 prospectus forecast of $241.2 million in revenue and earnings before interest, taxes, depreciation and amortisation of $6.9 million.
“Following the IPO, Kogan.com is now well positioned to capitalise on growth opportunities in private label, with new and expanded product lines under production in advance of the peak Christmas trading period,” Kogan stated.
