Cettire shares rocket on audited FY results
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More news: Cettire shares continued to surge after it confirmed its delayed audited full-year results.
Its shares rocketed 70.7% to $2.26 by 2:53pm AEST and over the last 12 months has plunged 18.7%.
The company's net profit for FY24 was down by a third to $10.5 million but its revenue rose 78% to $742.3 million.
Cettire shares surge on confirmed audited results
The news: Luxury online retailer Cettire has confirmed its audited results after releasing its annual report on Tuesday, and appointed Caroline Elliott as a non-executive director.
The numbers: Cettire confirmed its previously unaudited FY24 results, with net profit down by a third to $10.5 million and revenue up 78% to $742.3 million.
Shares in the company, which have been quite volatile over the last month, jumped nearly 30% to $1.72 in early trading.
The context: Cettire released its full-year results in August but said at the time that its auditor was still to sign off on the accounts, amid uncertainty over its revenue recognition policy.
On Tuesday, it released the audited results as part of its annual report, with no change in its revenue policy.
The company suffered a sharp profit contraction after resorting to discounting in a soft luxury market, making its stock one of the most shorted on the ASX.
Cettire's chair Robert East said in the annual report that the company would continue to invest in opportunities to deliver profitable revenue growth while remaining self funding.
Separately, the company appointed Kelsian board member Caroline Elliott as non-executive director. East said Elliott’s experience in retail and tech will the skills of the current board.
The sources: ASX announcement, ASX announcement
