Kogan returns to profitability in first half
Kogan returned to profitability in the fiscal first half, despite lower revenue due to reduced inventory and the company’s focus on platform/software-based subscription revenue.
The online retailer swung to a net profit of $8.7 million while revenue slid 9.9 per cent to $248.2 million. Gross margin stood at 36.1 per cent as gross sales fell 5.6 per cent to $446.6 million.
Revenue from the company’s verticals grew 25.6 per cent, driven by Kogan Mobile Australia, Kogan Mobile New Zealand, Kogan Insurance, and Kogan Internet.
During the period, the company launched Mighty Mobile in New Zealand, representing the first vertical under that brand.
Amid the positive performance, the company declared a fully franked interim dividend of 7.5 cents per share to be paid on May 31.
The company said it expects continued improvement in the second half.
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