Kogan.Com's business model transformation towards platform-based sales increased their contribution to 63.0% in 1HFY24, enhancing capital efficiency and recurring revenue.
Revenue grew by 25.6% driven by Kogan Mobile Australia, New Zealand, Kogan Insurance, and Kogan Internet, with the launch of Mighty Mobile under the Mighty Ape brand.
Kogan FIRST subscribers reached over 466,000, growing by 15.3% year-over-year, contributing to 62% of Gross Sales on the Kogan.com platform.
Inventory reduction of 30.6% aligned with the strategy to focus on platform and software-based subscription revenue, leading to Gross Sales of $446.6 million and Revenue of $248.2 million.
Gross Profit increased by 42.2% to $89.5 million with a Gross Margin improvement to 36.1%, attributed to the Kogan.com Product Division's profitability recovery.
Group Active Customers totaled 2,744,000, with cash reserves of $83.3 million and no external debt as of 31 December 2023.
Adjusted EBITDA was $21.5 million, and Adjusted NPAT was $10.2 million, with Adjusted Earnings per Share at $0.10.
The company launched a new Advertising Platform, generating $1.3 million in Revenue, and Mighty Ape contributed $87.1 million of Gross Sales.
Operational efficiencies led to an 18.4% reduction in Operating Costs across the Group, with a strong balance sheet supported by strategic investments in the team.
A fully franked Interim Dividend of 7.5 cents per Ordinary Share was declared, with a Dividend Reinvestment Plan at a 2.5% discount.
Kogan.Com's portfolio includes a variety of retail and services businesses, focusing on making in-demand products and services more affordable and accessible.
This announcement is a summary of the company approved ASX announcement on 26/2/2024.