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Redbubble Q2 growth “slower than anticipated”

Redbubble Group estimates group marketplace revenue grew 20 per cent year-on-year during the second quarter to date, driven by strong performance in its TeePublic branded marketplace. 

TeePublic’s branded marketplace revenue has seen a 59 per cent growth on last year’s Q2, while the Redbubble marketplace grew only 2 per cent in the same period. However, TeePublic is compared to a shorter period in 2018, with FY19 figures only beginning from 1 November 2018 due to the marketplace’s acquisition. 

“While growth is slower than anticipated, the holiday trading season is still in progress and the core elements of the strategy are working,” said Redbubble Group chief executive Barry Newstead. 

“At the group level, we will pull all levers to drive growth and deliver the best possible FY2020 result, setting up RB Group for long term success.”

The group is continuing to focus on driving topline growth by accelerating marketplace optimisation strategies, product merchandising and line extensions, while growing membership revenue. 

Based on the results so far, the business is expecting to grow operating EBITDA year on year, and achieve a positive free cash flow in FY20. 

The business delivered an operating profit of $3.8 million in FY19, driven by a 41 per cent lift in revenue to $257 million. This result is in contrast to a $3.8 million loss in FY18. 

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