Mad Paws sees net loss widen, revenue remains flat
Online pet marketplace Mad Paws saw its net loss worsen to $3.9 million while revenue stood flat at $14.7 million in the six months ended December 31.
Marketplace revenue grew 12 per cent to $4.8 million, thanks to an increased in bookings with average booking values rising 6 per cent.
However, e-commerce revenue slid 5 per cent to $9.9 million attributed to weaker performance from Sash beds due to increased competition and cost of living pressures.
Waggy also posted lower revenue as the company lowered its marketing expenses to prioritise profitability, while Pet Chemist’s revenue improved 9 per cent.
“This half-year has been a significant one for the Mad Paws team, marked by the launch of our above the-line campaign utilising the Seven West Media contra,” said Justus Hammer, Mad Paws co-founder and CEO.
“Despite challenging market conditions, including a 9 per cent year-on-year decline in Google search volume trends, the campaign has successfully shifted momentum in our pet services marketplace.”
“Early results are encouraging, with increased website sessions since the campaign launch, driving improvements in bookings and new customer acquisition.”
Moving forward, Mad Paws said it aims to accelerate growth and fully utilise its remaining media budget of $1.9 million.
Comment Manually
You must be logged in to post a comment.
No comments