Redbubble Limited (ASX: RBL) – Redbubble revenue moves up accompanying losses

Redbubble Limited (ASX: RBL)

Redbubble Limited (ASX: RBL), the online platform for independent artists, today announced results for the year ending 30 June 2018, posting a leap of 29.7% in group’s revenue to $182.8 million. However, losses increased during the year, reporting net loss after tax of $10.1 million, increased from $7.6 million in FY2017.

There has been 20.6% improvement in operating EBITDA loss, posting $3.8 million loss in FY18. Cash operating expenses increased during the year at the back of share-based payments to employee.

The group has not paid or proposed to pay any dividends for the year ended 30 June 2018.

On FY19 outlook, revenue growth rate is anticipated to be maintained at or above 30%, while operating expenses are expected to grow in line with FY18. Further, Wayfair case outlining change in sales tax regime in the USA is expected to cast notable impact in Fiscal 2019.

Redbubble stock was trading at $1.675 after slipping down by 0.593% on Thursday, 23 August 2018.

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