• Solid progress against FY25 priorities
• TeePublic gross profit margin up 80 bps on 1HFY24
• On track to deliver positive underlying cash flow in FY25 subject to any incremental investment in Dashery

Articore Group Ltd has reported its 1HFY25 results, highlighting solid progress against its FY25 priorities. The company's TeePublic marketplace saw a gross profit margin increase of 80 bps on 1HFY24, while the Redbubble marketplace continued to refine its approach to paid marketing to improve efficiency. The company has also launched Dashery, a new product that enables creators to launch their own storefronts with custom domains. Articore Group is focused on optimizing COGS and paid marketing activities across its combined marketplace operations, maintaining cost discipline, and maximizing synergies. The company is on track to deliver positive underlying cash flow in FY25, subject to any incremental investment in Dashery. The group has been restructured to enable the addition of new operating companies that leverage the company's strategic assets, including its network of digital creators, superior unit economics, and scaled global fulfillment network.

GPAPA margin of 25%-27% and operating expenditure of $89 million to $92 million in FY25. The company is on track to deliver positive underlying cash flow in FY25, subject to any incremental investment in Dashery.