Another whacking yesterday for shares in online retailer, Kogan.com down for a second day in a row
At the close, they were down 11.1% to $5.19, after dropping 11.7% yesterday.
The shares have dropped almost 25% since last Friday’s close alone.
Kogan.com listed on the ASX in 2016 at $1.80 a share and peaked around $9.80 in early June.
The cause of the sell down this week was what investors said was a weaker than expected trading update for the 4th quarter and the June 30 year.
In a quarterly update, the pure-play online retailer reported that its full year revenue grew more than 40% in 2018 to around $405 million in 2018 (a final figure was not given when it would have been quite easy for the company to do so).
Earnings were up but lower than expectations in the market.
The company said EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) for 2018 was more than 90% higher than 2017’s $12.5 million. Analysts had expected around 117%.
At the end of June, the company had cash of $41.99 million and access to a $10.0 million bank facility.
In February, Kogan.com posted a 45.7% jump in revenue to $209.62 million for the six months to December. Profit for the half was $8.33 million, up 470%.
