Kogan restores dividends after return to profit, shares jump
Make us a preferred source
Make us a preferred source on Google
The news: Online retailer Kogan.com has restored dividends after swinging back to a slender full-year profit, sending its shares higher.
The numbers: It reported a net profit of just $83,000 for the year to June, compared to a net loss of $25.85 million a year ago.
Revenue was down 6.1% to $459.1 million and the company will pay a final dividend of 7.5 cents a share.
The company said its momentum continued into the new fiscal year, with July gross sales up 2.1% and adjusted profit up 88.9% to $4 million.
Kogan shares were trading more than 8% higher at $4.69 in early trading on the ASX.
The context: Kogan, which flagged the improved annual performance last month, said its Kogan First subscriber base grew by more than a quarter to 502,000, while underlying earnings jumped to $40 million.
What they said: “Our business returned to a position of profitability and strength, having navigated through the previous two and a half years of turbulence,” Kogan CEO Ruslan Kogan said.
“We got through this by restructuring and improving our operations, focusing on growing the right areas of our business, rapidly growing platform-based sales, and most importantly, investing in our loyal customer base.”
The source: ASX announcement
