Online retailer Kogan.com recorded sustained strong profitability in the first half of FY24. Business growth has been driven by an evolution towards a platform-based business model.

Gross sales for the period fell 5.6% year-on-year to $445.4 million, while gross profit reached $89.5 million.

Despite having invested over $17.2 million in a share buyback initiative, the company ended the half-year with a strong cash balance of $83.3 million.

Initiatives Kogan FIRST and the Kogan Advertising Platform continue to progress well, with the former now having over 466,000 subscribers and the latter generating over $1.3 million in revenue.