Cettire (CTT) Trading Update summary

China market launch

• Direct platform launched in mainland China on 23 June, already processing orders.

• China seen as a key strategic opportunity, with a measured approach planned for market entry.

FY24 performance and outlook

• Strong revenue growth in Q4 FY24, with increased market share in global online luxury goods.

• FY24 expected to deliver significant year-on-year growth in active customers, sales revenue, Adjusted EBITDA, and cash.

• Gross revenue from repeat customers increased throughout the year, indicating improved retention.

• Recent market conditions have become more challenging due to softening demand and heightened promotional activity, impacting Q4 margins.

• FY24 unaudited sales revenue expected at A$735–745m, with Adjusted EBITDA growth of 24–36%.

Operational highlights

• Updated checkout process in the US has maintained stable conversion rates since March.

• US sales of high-value items outpaced lower-value items in Q4 FY24.

• Selective participation in promotions increased marketing costs and reduced delivered margin percentage.

• Business remains profitable, cash generative, and self-funded, with a capital-light model and minimal inventory risk.

• Full FY24 financials to be released in the second half of August 2024.