( ) shares are on the slide on Thursday morning. In early trade, the online luxury products retailer's shares are down 20% to $1.07.
This follows the release of its . Cettires shares crash on results day What happened in FY 2024? For the 12 months ended 30 June, Cettire reported an 81% increase in gross revenue to $978.3 million and a 78% lift in sales revenue (gross revenue less returns) to $742.
3 million. Management advised that its top line growth was underpinned by a 64% increase in active customers to over 692,000, higher average order value, and higher levels of repeat customers. In respect to the latter, repeat customers accounted for 61% of gross revenues in FY 2024, which is up from 58% in FY 2023.
The company believes the ongoing growth in active customers and the sustained strength in repeat customer purchasing behaviour demonstrates Cettire's proposition is continuing to resonate strongly with customers. Things weren't quite as positive for Cettire's earnings, with the company experiencing significant margin pressures. This was partly due to its paid customer acquisition expenses, which increased to 9.
5% of sales revenue from 8% in FY 2023. The company's adjusted EBITDA margin fell 2.6 percentage points to 4.
4%, which limited its adjusted EBITDA growth to 11% to $32.5 million. And on the bottom line, Cettire's net profit after tax was down 34% to $10.
5 million. Why are its results unaudited? The company notes that its financial audit for FY 2024 is still progressi.