Cluey Ltd's H1 FY24 Financial Performance

Cluey Ltd (ASX: $CLU) has reported a focus on driving to profitability in the first half of the financial year 2024. The company delivered improved unit economics and a significant reduction in the variable customer acquisition cost (CAC) per new student, showcasing a 48% improvement in Underlying EBITDA and establishing a foundation for the next phase of longer-term profitable growth strategy.

Executive Commentary on H1 FY24 Performance

Cluey's focus on driving to profitability in H1 FY24 has yielded positive results, with a 48% improvement in Underlying EBITDA. The company's efforts in reducing variable CAC per new student and achieving improved unit economics have set the stage for sustainable growth and profitability. The ongoing improvement in CAC payback and gross profit margin reflects the effectiveness of Cluey's strategic initiatives.

Summary of H1 FY24 Performance and Outlook

In H1 FY24, Cluey Ltd has demonstrated a strong focus on driving to profitability, as evidenced by the significant reduction in variable CAC per new student and the 48% improvement in Underlying EBITDA. The company's strategic efforts to reduce operating costs, improve gross margin, and enhance financial performance have laid the groundwork for sustainable growth. Looking ahead, Cluey aims to maintain financial discipline, reduce CAC, increase LTV, and scale co/extracurricular services. The company also plans to expand its global reach and forge partnerships to support its growth roadmap. With a focus on achieving profitability and returning to growth, Cluey is well-positioned for the forthcoming phase of expansion and generating free cash flow.