Kogan shares lift on strong trading update
Shares in Kogan.com have jumped to a record high after the online electronics retailer released an upbeat trading update and better-than-expected cash flow numbers.
The company's update on Tuesday said fourth quarter business had exceeded management budgets, with continued strong trading momentum producing net operating June quarter cash flows of $9.9 million.
Kogan said it is in a strong financial position with $32 million in cash at the end of the financial year.
Founder and chief executive Ruslan Kogan said he was pleased with cashflows that "demonstrate better than forecast operating results for Kogan.com's fourth quarter of trading as a listed company".
"We look forward to continuing this trend into FY18 and beyond," he said in a statement.
Mr Kogan said the company, which sells a variety of branded and private labelled merchandise, including pet accessories, beauty products and travel deals, has plenty of funds, including a $10 million bank facility that remains undrawn.
Kogan.com, which listed on the ASX in July, 2016, surpassed its issue price of $1.80 a share for the first time earlier this month.
Shares in Kogan closed at a record high on Tuesday at $2.17 - 12 cents, or 5.9 per cent, higher than Monday's close.
Back to Breaking News