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Redbubble to hit profit next year

Friday, 24 August 2018
By Wayne Robinson

Personalised print platform: Redbubble

Online personalised print provider Redbubble says it will hit profit next year as growth reaches 30 per cent in this year and it expands around the world.

The ASX-listed Melbourne-based global business, started 12 years ago by three friends, has hit sales revenue of $182.8m for 2017/18. It operated an EBITDA loss of $3.8m for the year, however for 2019 says its EBITDA will be in the black to the tune of between $2m and $4m.

For the 2017/18 financial year Redbubble’s gross transaction value was up by 31.9 per cent to $231.3m, gross profit was up by 27.5 per cent to $63.9m on a gross profit margin of 35 per cent.

Redbubble sources some 94 per cent of its revenue from currencies other than Australian dollars so the year on year figures are subject to some currency fluctuations.

Unique customer numbers for the year were up by 38.1 per cent to 3.97 million, selling artists increased by 28.2 per cent to 298,700, and site visits were up by 37.4 per cent to 258.8 million.

Redbubble’s expansion into Europe with specific languages was demonstrated with GTV in Spain up by 106 per cent, Germany 101 per cent and France at 75 per cent.

Redbubble essentially provides consumers with a place to choose designs uploaded by artists and have them printed ion a variety of different products sucha s T-shirts, caps, mugs and pillowcases.

It partners with various printers in multiple countries. Redbubble floated on the ASX in 2016 a decade after launching, gaining a valuation of $267m.

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