Online homewares store Temple and Webster (ASX:TPW) record full year revenue of $176.3 million up 74 per cent on the year before.
Year to date revenue from 1 Jul to 19 October is up 138 per cent on the prior corresponding period.
Accelerated operational leverage delivered 483 per cent growth in EBITDA to $8.5 million versus the pcp with adjusted EBITDA margins improving from 2.5 per cent in FY19 to 5.3 per cent in FY20.
The strong bottom-line result, combined with the negative working capital nature of the business model, allowed us to finish the year with $38.1 million in cash and zero debt.
That excludes the proceeds from the $40m capital raise conducted at the beginning of FY21. The strength of our balance sheet will not only protect us in any down-side scenario, but also allow us to pursue strategic opportunities as they arise.
Shares in Temple and Webster (ASX:TPW) are trading 5.3 per cent lower at $13.29.