***

What does it mean? They use so many esoteric and particular measures that it makes it very hard to look under the hood and see what's going on. There's a strong hint at the top of the announcement in that the directors aren't 'delighted' or even 'pleased' to present this release. In fact they haven't even 'authorised' the release until you get to the very last paragraph:

The problem is even though their measures are abstruce they're also comparable and the comparatives aren't pretty. The market seems to have made up it's mind knocking 25% off the share price this morning alone. It's not all bad news as the trend appears to be up overall...

...even if that's not reflected in the share price.

Some argue the problem is their legal liability when it comes to their 'artists' copying others work. For me the biggest issue is I don't think they can ever turn the marketing/promotion/acquisition tap off (or down) and still be sustainable. Will enough people shopping for products they sell go directly to them before going to Google, or Amazon, or even Etsy? That's not a bet I'm willing to make.

[Not held]

Good luck to anyone who bought Redbubble at the open today.  After closing yesterday at $3.06 it opened down as much as 14% after releasing its annual result on the market.  I can't remember seeing the market change it's mind so comprehensively on a company of this size.  It's gradually been improving all day and is now up 22% on yesterday's close.  If you bought at today's low you would be up more than 42% on the day - on effectively no new news! Efficient markets...pfftt.