In terms of post-COVID winners, RedBubble (ASX:RBL) has been at or near the top of the pack after hitching a ride to the ecommerce boom.

Since hitting a pandemic-crisis low of around 40c last March, RBL shares climbed steadily throughout 2020 to reach a high above $7 in January this year.

In light of those gains, the company’s half-year results to December 31 were eagerly awaited, to confirm whether the run of positive news flow had converted to the bottom line.

RBL said it booked unaudited revenue across its online marketplaces of $353 million, a gain of 105 per cent on a constant currency basis.

Q4 sales came in around $185m, after the company flagged September quarter sales of $147.5m at the start of October.

That flowed through to core earnings of $42m, compared to a $2m loss for the six months ended December 31, 2019.

The company’s cash receipts from operations doubled to $80m, and RBL closed out the December half with $130m cash in the bank.

While confirming strong momentum in top line sales and a big cash position, the good news looked to be largely baked in to RBL’s share price as the stock dipped in morning trade.

RBL shares were more than 10 per cent lower in morning trade at around $6.

The company said global shipping networks continued to face logistics challenges due to COVID-19, which slightly compressed margins during the busy December period.

The recent strength in the AUD, which continues to trade at multi-year highs near US80c, also flowed through to a $2.2m hit to revenues on a currency-adjusted basis.

RedBubble’s platform provides two online marketplaces — RedBubble and TeePublic — to facilitate merchandise sales for independent artists.

The platform provides a vehicle for artists to sell their products, such as customised prints on T-shirts, to a global ecommerce market.

RBL said it will now focus on maintaining operational momentum in terms of bringing new artists onto its platform, and acquiring new customers.

Describing the future macro environment as “uncertain”, RBL said it will refrain from paying a dividend in the “short-to-medium term”.