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An online sales boom helped Adore Beauty (ASX: ABY) obliterate its own profit forecasts by a whopping 58 per cent in the December half with EBITDA of $5.2 million, delivering a strong set of first results as an ASX-listed company.
At $96.2 million, the company's revenue was 8 per cent above prospectus forecasts made before Adore's October listing, rising 85 per cent year-on-year.
But at noon today shares are down 3.5 per cent at $5.51 each, representing a level that is 18.5 per cent lower than the IPO price.
Such is the capriciousness of the share market, but the message from Adore Beauty CEO Tennealle O'Shannessy (pictured) is upbeat.
"I am pleased to present our first set of results as an ASX-listed company. We have delivered record growth and financial performance, exceeding our prospectus forecast," O'Shannessy says.
As at 31 December the company had a cash balance of $25.8 million with no debt, and its results were boosted by record trading days including Afterpay Day in August and Cyber Weekend in November.
"Adore Beauty is Australia's market leader in online beauty retail," O'Shannessy says.
"Our strong performance this half is underpinned by high levels of customer engagement, retention and satisfaction, and includes a record trading day of $1.5 million.
"We have been thrilled to welcome many new customers to our platform over the last six months and are pleased to continue to be the online beauty shopping destination for our loyal customers."
The company expects to deliver full-year results above pre-COVID levels given the continued structural shift to online and strong retention of new customers acquired over the peak COVID period.
"I have enormous respect for the passionate and dedicated team at Adore Beauty and their strong collective sense of purpose and commitment to deliver the best beauty shopping experience for our customers," the executive says.
"It is their endless drive to provide the best range of brands and an exceptional online shopping experience, enriched by data-driven personalisation and highly engaging content, that continues to build our loyal customer base.
"Further, the strong relationships we have with our brand partners continue to underpin our strategy to develop and grow a platform for them that is integrated across digital media, content and marketing."
She expects to cement the Adore's online market leadership position and capture market share "in a large and growing market benefitting from structural tailwinds".
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