Cettire (CTT) H2 2024 earnings summary

Executive summary

• Sales revenue grew 78% year-over-year to $742.3 million, with gross revenue up 81% to $978.3 million and a 64% increase in customer base.

• Active customers reached 692,000, with 61% of gross revenue from repeat customers and over 1 million annual orders processed.

• Adjusted EBITDA reached $32.5 million, with a 4.4% margin, and net cash position increased to $79 million, up from $46 million last year.

• The business remains capital-light, self-funding, and debt-free, with a focus on profitable growth and resilience through market cycles.

• Launched a domestic China platform and continued global expansion with enhanced localisation features.

Financial highlights

• Adjusted EBITDA rose 11% to $32.5 million, with a margin of 4.4% (down from 7.0% in FY23).

• Delivered margin increased 63% year-over-year to $155 million, representing 21% of sales revenue.

• Paid acquisition cost as a percentage of sales rose to 9.5% due to aggressive marketing.

• Statutory NPAT was $10.5 million, while Adjusted NPAT was $18.2 million.

• Average order value increased to $798 from $747 year-over-year.

Outlook and guidance

• FY 2025 will emphasize profitability over growth, with Q1 sales up ~20% year-over-year and expectations for a profitable quarter.

• Marketing investment in Q1 is expected to be lower than FY 2024, with sequential improvement in delivered margin anticipated.

• No precise full-year guidance provided, but management expects continued improvement in profitability and a more moderate growth trajectory.

• Strategic priorities include profitable growth, continued global expansion, localisation, and enhanced organisational capability.