Overview of Kogan.com 1HFY24 results

Kogan.com Ltd (ASX: $KGN) has released its 1HFY24 results, showcasing a significant transformation in its business model. The company reported a 25.6% revenue growth driven by the increasing contribution of Platform-based Sales, representing 63.0% of the total. Kogan FIRST Subscribers grew to over 466,000, delivering $22.7 million in revenue, and Kogan Verticals experienced substantial growth. The company's gross profit increased by 42.2% and it ended the half-year with a strong balance sheet, holding $83.3 million in cash with no external debt.

Founder and CEO Ruslan Kogan's perspective on 1HFY24 performance

'There's never been a more important time to be able to deliver remarkable value for our customers. I'm incredibly proud of the Kogan Group teams who are driven by helping online shoppers live their best lives. While our business transformation to a more efficient, platform and software-based model is in its early days, it's promising to see that it's starting to pay dividends. We've recently launched Mighty Ape's first Vertical, Might Mobile, as well as our Advertising Platform which is supporting sellers on our Marketplace. In addition, we've delivered more savings and benefits to our customers, in particular our fast-growing Kogan FIRST Subscribers. All these and more help us run a better business for you, our shareholders, while creating the best value for millions of customers. Kogan.com is about to turn 18 and I've never been more confident about the outlook for our business and its ability to deliver remarkable value.'

Summary of Kogan.com 1HFY24 results and outlook

Kogan.com's 1HFY24 results reflect a successful business transformation with a focus on Platform-based Sales, leading to significant revenue and margin improvements. The company's strategic initiatives, including the growth of Kogan FIRST Subscribers, expansion of Kogan Verticals, and the launch of new business segments such as Mighty Mobile and the Advertising Platform, have contributed to its positive performance. With a strong balance sheet and a fully franked Interim Dividend of 7.5 cents per Ordinary Share, Kogan.com is poised for continued growth and value creation for its shareholders and customers.