Online furniture retailer Temple & Webster (ASX: TPW) has played into the surge of online shopping during COVID-19 lockdowns to report major revenue and earnings growth for FY20.
Announcing its pre-audited results today, the company saw full-year revenue rise by 74 per cent year-on-year to $176.3 million.
In addition, EBITDA was up from $1.5 million in FY19 to $8.5 million this year.
"Our strategy of being a category specialist, with a clear customer offering built around the biggest and best range of furniture and homewares in the countryis working," says Temple & Webster CEO Mark Coulter.
"The advantages of being the online market leader are apparent as we continue to grow our market share."
The company is now cash flow positive at the end of FY20, with cash of $38.1 million and no debt.
During the year Temple & Webster ticked off a number of milestones including hitting its first $2 million day in June, completing a $40 million raise for balance sheet strength, and hitting record levels of customer satisfaction.
Going forward, Temple & Webster says FY21 has started strongly with July's revenue growth rates in line with those experienced in 4Q20.
"Temple & Webster is committed to a high growth strategy to take advantage of the structural shift towards online, capitalising on both organic and inorganic opportunities, however we do remain watchful of the competitive and macroeconomic environment," says Temple & Webster.
"This strategy supports Temple & Webster's stated goal of becoming the first place Australians turn to when shopping for their homes and work spaces."
Shares in Temple & Webster are up by 4.76 per cent to $8.15 per share at 12:10pm AEST.
Business News Australia