Brief: Redbubble Says It Is Reducing Redbubble Marketplace Workforce By 20%

Articore

18/01/2023 24:59

Jan 18 (Reuters) - Redbubble Ltd  RBL.AX :
    * IMPLEMENTING COST REDUCTION MEASURES AIMED AT RETURNING
GROUP TO
CASH FLOW POSITIVE BY END OF CALENDAR YEAR 2023
    * FY23 GUIDANCE REVISED FOR MPR TO BE BROADLY IN LINE WITH
FY22
    * 2QFY23 MARKETPLACE REVENUE UP 3% ON PCP
    * SEES CONSUMER DEMAND TO REMAIN CHALLENGING IN NEAR TERM
    * FY23 GROSS PROFIT AFTER PAID ACQUISITION MARGIN TO BE
HIGHER
THAN 1HFY23 BUT BELOW FY22 GPAPA MARGIN
    * EXPECT FY23 OPERATING EXPENDITURE TO BE BETWEEN A$125
MILLION
AND A$135 MILLION
    * DECIDED TO REDUCE COST BASE WITHIN REDBUBBLE MARKETPLACE
TO
ACCELERATE GROUP'S RETURN TO CASH FLOW POSITIVE
    * 2Q UNDERLYING MARKETPLACE REVENUE A$188.3 MILLION, UP 5%
    * FULL BENEFIT OF REDUCTION IN GROUP'S COST BASE ANTICIPATED
TO BE
REALIZED FROM BEGINNING OF FY24
    * REDUCING THE REDBUBBLE MARKETPLACE’S WORKFORCE BY ABOUT
20%
    * WE REMAIN CONFIDENT IN GROUP'S MEDIUM-TERM ASPIRATIONS
    * COST REDUCTION INITIATIVES EXPECTED TO REDUCE COST BASE BY
ABOUT
A$20 MILLION TO A$25 MILLION ON ANNUALIZED BASIS

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