Temple & Webster Group Ltd (ASX:TPW) on Tuesday reported net loss after tax and EBITDA improved by 84% year on year.
Temple and Webster posted revenue of $34.4 million in the first half. This was only marginally better than the $34.0 million reported in the same period last year. The company did not declare a dividend.
Temple & Webster is Australia’s largest e‐commerce company in the furniture and homewares market. Temple & Webster has over 130,000 products on sale from hundreds of suppliers. The business runs an innovative drop-shipping model, whereby products are sent directly to customers by suppliers thereby enabling faster delivery times and reducing the need to hold inventory thereby allowing a larger product range.
Temple & Webster CEO Mark Coulter said, “Phase 1 of our turnaround journey is complete. The business now has a great platform to sustainably grow, which can be seen in our current trading, which is up 21% year on year 1 Jan to 15 Feb.”
Outlook
The company’s stated goal is for FY19 to be its maiden profitable year.
“We will also continue to invest in new growth opportunities such as showrooms, click & collect locations, our trade & commercial division and building out adjacent categories, which is setting the business up for healthy growth for years to come,” said Coulter.
Share Price
In Tuesday morning trade, the Temple & Webster Group Ltd share price is 10% higher to $0.55,
So far this year, the Temple & Webster share price has gained 25%, while the S&P/ASX 200 Index has fallen roughly 2.47%.
The Temple and Webster Group Ltd share price has gained 254.84% in the last 12 months.
