- Online retailer for home and lifestyle products, MyDeal.com.au (MYD), has reported another record financial year in its 10-year history
- In FY21, which marks MYD’s first year as an ASX-lister, sales rose 111 per cent to $218.1 million and revenue increased by 150 per cent to $38.3 million
- Active customers grew 83 per cent to 894,225 which reflects MYD’s growing focus on the customer experience
- To support growth, MyDeal spent more than in FY20, including $23 million on advertising, however it still ended the year with $42.7 million in cash
- MyDeal is down 7.74 per cent on the market to trade at 77.5 cents per share
MyDeal.com.au (MYD) has reported another record financial year in its 10-year history.
For FY21, the online retailer’s sales were up 111 per cent to $218.1 million and revenue grew to $38.3 million, which marks a 150 per cent year-on-year increase.
Gross profit for the year totalled $33.3 million, up 119 per cent on FY20’s $15.3 million.
Active customers grew 83 per cent to 894,225, which showed customers now shop on average 1.7 times per year with MyDeal. The company also reported growing site visits, which averaged 6.4 million per month in FY21.
Founder and CEO, Sean Senvirtne, was very pleased with the FY21 results.
“FY21 represents a significant moment in MyDeal’s history, a record 10 years in the making and just the beginning of what’s to come,” Mr Senvirtne said.
“As we cement ourselves as one of Australia’s most successful online retailers, I couldn’t be prouder of what the team has achieved. We have put ourselves in the perfect position to capture the increased demand in the market.
“Now with over 1100 active sellers, more than six million products and a private label business on a steep incline, we continue to entrench ourselves as one of Australia’s prominent online retail marketplaces for home and lifestyle products.”
To achieve the growth it has, MyDeal increased expenditure in areas such as wages and advertising. The company spent $23 million on advertising alone compared to $8.6 million in FY20.
Additionally, it noted an adjusted earnings before interest, tax, depreciation and amortisation loss of $4 million which reflects the investment of IPO proceeds when MyDeal listed on the ASX in October last year.
Despite increased spending, the company ended FY21 with a strong cash balance of $42.7 million.
For FY22, MyDeal is off to a good start with positive growth in the first eight weeks on the previous corresponding period.
On the market, MyDeal was down 7.74 per cent and was trading at 77.5 cents per share at 1:29 pm AEST.