AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- In FY24, STP’s revenue grew by 29.6% YoY to AUD 84.5 million and EBITDA jumped by 50.8% YoY.
- In FY25, the company focuses on broadening its product range and drive global expansion.
- Greg Taylor holds the largest stake in STP with a shareholding of 57.91%.
Step One Clothing Limited (ASX:STP) is an online direct-to-consumer brand focused on sustainably sourced and ethically crafted innerwear.
In the financial year 2024 (FY24), the company recorded revenue of AUD 84.5 million, a 29.6% increase from FY23's AUD 65.2 million. The period saw the expansion of the women’s product line through the launch of the SmoothFit™ Women’s line. Notably, in FY24, the women’s line revenue increased by 54% YoY, accounting for 14% of total revenue.
The company’s profit for the financial year reached AUD 12.4 million, up 44.19% from AUD 8.6 million in FY23. During the reported period, 312,000 new customers were added, bringing the global total to over 1.67 million. Furthermore, STP’s EBITDA jumped 50.8% YoY in FY24 and ended the year with a cash position of AUD 39 million with no debt.
Recent business update
In the 2024 annual general meeting, STP emphasised its strong position to capitalise on growth opportunities and venture into new markets.
Outlook
In FY25, the company plans to broaden its product range, attract new customers through strategic partnerships, boost sales via platforms like Amazon and retailers such as John Lewis, drive global expansion, and improve the customer experience.
STP aims to achieve profitable growth in Australia and the UK, balance growth with profitability in the US, and explore opportunities in emerging markets such as Canada and Germany.
Top 10 shareholders of STP
The top 10 shareholders of STP collectively have approximately 64.15% of the shareholding. Greg Taylor has the highest stake in STP with a shareholding of nearly 57.91%, followed by Michael Reddie with 2.49% shareholding.
Share performance of STP
STP shares closed at AUD 1.25 apiece on 23 December 2024. In one year, the share price has increased by nearly 26.90% and in three months, it has dropped by 32.43%.
52-week high of STP is AUD 1.945, recorded on 12 March 2024, while 52-week low is AUD 0.96, recorded on 10 January 2024.
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 23 December 2024. The reference data in this report has been partly sourced from REFINITIV.
Disclaimer
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