Ann: Appendix 3Y - Martin Hosking, page-5

they would have to strip out so much bloody overheads that management have loaded into the business at the worst possible time for the business. looking at market screener consensus estimates, redbubble is trading on a PE of 134x FY24 npat....and thats off optimistic broker consensus. I was reading a broker report this morning that analyzed ecommerce traffic trends, and they showed redbubble's traffic declining 17% on may last year.

so interest rates were clearly going up which puts pressure on WACCs and kills share prices for tech, we have all the covid boom surplus and support rolling off, we have revenue going backwards at a decent clip - and we have a mgmt team who decided chose this point in time to load the business up with overheads. fantastic. bravo. genius.