Catch Group has had a strong start to FY19, reporting a 72.9 percent increase in Gross Transaction Value (GTV).
According to Catch Group’s latest results statement, GTV increased 72.9 percent in Q1 to $99.39 million, up from $57.49 million in 2017. During this time, the company saw a bigger boost in its marketplace performance, with its GTV rising 843 percent when compared to the same period in 2017, finishing at $433.85 million for the quarter.
Active customers on the platform also rose to 1.2 million in Q1, representing a growth of 50 percent YOY.
Nati Harpaz, CEO and managing director of Catch Group says this boost in revenue is a result of healthy customer growth and an increase in the number of products available through the business’s online marketplace.
“I’m extremely proud of the strong financial and operational results that the team here at Catch Group have delivered this quarter. Our ability to offer in-demand products across a wide range of categories from highly sought-after brands at great prices continues to attract and retain customers.”
“We have seen demand increase in the first quarter of 2019 as we expand our suite of products across both In-stock and Marketplace. With over 100 million annual website and app visits, the addition of a new warehouse will allow us to continue to capitalise on this potential growth,” he said.
In mid-October, Catch Group announced the opening of a new 22,000-sqm warehouse that will open near its current facilities in Truganina in Melbourne. According to the business, the extra space will provide the online marketplace with enough operational capacity to cater for the next five years of growth.
Presently, Catch says it stocks 35,000 SKUs of in-stock and 1.9 million SKUs from more than 950 third-party sellers on its marketplace.
This news comes less than a week after the company’s competitor, Kogan, released its own Q1 results. Despite experiencing positive sales growth for the three months ending in September 2018, Kogan copped a lot of flack from investors after reporting a 27.4 percent drop in direct import sales. According to the online business, Australia’s new GST laws are to blame for this drop in cross-border business.