ASX-listed online marketplace Redbubble, which sells t-shirts, mugs and art by independent artists, has seen its revenue jump 37% to AU$70 million in the first quarter of FY2020, posting a massive turnaround in its profitability on 12 months ago.
Shares in the business (ASX: RBL) have doubled in value since June and in early trade today, sit around $1.76, although that figure is roughly the same level as 12 months ago.
Redbubble was founded in Melbourne in 2006 and listed in May 2016. Last October the company bought US online retailer TeePublic for A$57.7 million, a move that has rapidly boosted the bottom line.
Announcing its Q1 results to the ASX, Redbubble’s operating EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) profit was $3.7 million, a $4.5 million turnaround in the year-on-year comparison. (The company reports on a constant currency basis taking into account fluctuations in the AUD, with 94% of revenue generated offshore.)
That figure was also bolstered by $700,000 due to a change in the accounting treatment for property leases.