Temple & Webster reports strong start to FY2018
Temple & Webster provided a trading update to shareholders today at its second annual general meeting, since listing on the ASX in 2015.
The online furniture company reported $20.4 million in revenue year-to-date, which represents two per cent growth over last year, excluding the Milan Direct UK business, which it exited during the first half of FY2017, and 50 per cent growth, excluding the Milan Direct business in Australia, which it exited during the first half of FY2017.
Temple & Webster estimates the underlying growth rate to be between 15 and 25 per cent, which takes into account assumptions of the amount of revenue retained as part of its integration of Milan Direct in Australia.
This growth is being driven by around 20 per cent growth in both active customers and revenue per active customer on the Temple & Webster website, though the business noted that true like-for-like comparisons will become visible in the second half of FY2018.
In the quarter ending 30 September 2017, it had cash of $8.3 million, which was ahead of expectations.
Temple & Webster CEO Mark Coulter said in a statement that the company’s current growth trajectory and cash balance allows it to be confident in the stated goal of reaching profitability in calendar year 2018 within existing reserves, with financial year 2019 being the first full year of profitability.
The above photo was taken by Denise Braki and styled by Jessica Bellef for Temple & Webster.