Online retailer Kogan has upgraded its guidance by up to 30 per cent and tipped a "strong Christmas trading period" at its first annual general meeting as a listed company.
Kogan, which listed on the sharemarket in July, told shareholders it now expected to report pro forma earnings before interest, tax, depreciation and amortisation of between $8 and $9 million this financial year.
This is up from the $6.9 million EBITDA forecast in the prospectus for the 2017 financial year.
Kogan made its ASX debut after raising $50 million from institutional investors at $1.80 a share.
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It is led by its outspoken founder, Ruslan Kogan, who started the company in his parent's garage in Melbourne in 2006.
The company's prospectus forecasts net profit after tax rising from a $300,000 loss in 2015 to a profit of $400,000 in 2016 and $2.5 million in 2017 from $241 million in sales.
Investors reacted but lifting the price up 2.1 per cent to $1.48 late in the afternoon still well short of its listing price in July.