Kogan shares rise 11% on ‘solid growth’

Kogan.com shares have hit a six-month high after the internet retailer reported 23.4 per cent year-on-year customer growth and announced two new two lines of business: Kogan Energy Compare and Kogan Cars.

The company had 1.59 million active customers as of March 31, compared to 1.29 million as of a year ago, Kogan.com reported on Thursday.

The active customers for Kogan Mobile grew 40.6 per cent during the same period, while Kogan Internet, which is less than a year old, grew active customers by 78.7 per cent quarter-on-quarter.

“Our team has delivered a solid quarter of earnings growth, and continued to make in-demand products and services more affordable and accessible,” Kogan.com chief executive Ruslan Kogan said.

At 1024 AEDT, Kogan.com shares were up 11.09 per cent, or 50 cents, to $5.01, their highest level since late October.

Kogan.com also said it was launching two new lines of business – Kogan Energy Compare and Kogan Cars.

The first is an online tool that lets customers upload an existing energy bill to see if any savings are available.

Kogan earns commissions under the arrangement.

The car-buying service is being launched before the end of June with Eclipx Group and will let customers buy new cars and trade in old ones from dealers across Australia.

Kogan said its profit had grown 28.4 per cent for three months to March 31, compared to the same quarter last year.

Its earnings had grown 96.4 per cent during that period, according to unaudited figures.

Kogan.com did not supply the raw numbers.

By AAP

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