Online shopping site Kogan has confirmed its status as one of the best performing businesses of the COVID-19 pandemic after posting a 55.9 per cent jump in full-year profit.
The business reaped $26.8 million in net profit for the 2019/20 financial year as consumers shunned bricks and mortar shops during the coronavirus pandemic.
The result easily bettered the 2018/19 result of $17.2 million.
“There is a retail revolution taking place as more and more shoppers learn about the benefits of e-commerce,” founder and chief executive Ruslan Kogan said on Monday.
He said Kogan Marketplace had been a standout performer.
The platform is similar to eBay and allows third parties to sell goods on the Kogan website.
Marketplace helped second-half gross sales improve by 71.2 per cent on the first half.
Mr Kogan said it also allowed the business to grow infinitely without corresponding investment in inventory.
The company said it will continue to develop Kogan Marketplace and review acquisition opportunities.
Shareholders will receive a dividend of 13.5 cents per share, fully franked, higher from the 2019 payout of 8.2 cents per share, fully franked.
RBC Capital Markets analyst Tim Piper said the result was largely in line with expectations, given management had revealed some of the data in earlier announcements.
The share price was trading lower by 4.26 per cent to $20.91 at 1144 AEST.