Booktopia Group’s revenue plummeted in the first half of FY24, which the retailer attributed to issues related to the transition to its new fulfilment centre.

For the half ended December 31, revenue was down 22 per cent year-on-year to $86.3 million, with units shipped also down 21 per cent to 3.1 million.

The decline was attributable to operational disruption from the transition to the company’s new Customer Fulfilment Centre. This resulted in lower inventory levels and longer delivery times, while marketing was also scaled back to reduce demand during the process.

Other headwinds included economic pressures impacting consumer spending and an increasingly competitive landscape, the group added.

Booktopia recorded an NPAT loss of $16.7 million, down $12.8 million on the year-ago period, and a statutory EBITDA loss of $4.6 million, down $5.9 million.

The group has implemented several cost-saving initiatives to respond to its business performance.

For the full year, the group continues to forecast an underlying EBITDA of $1-3 million and is continuing with its strategic review.