There was something different about the latest presentation from Ruslan Kogan, the founder of, when he was announcing the half-year results.

The pure play online retailer last month posted a 45.7 per cent jump in revenue to $209.62 million for the six months to December. Profit was $8.33 million, up 470 per cent.

A fund manager, who invested in at the IPO and continued to build a position in the company, noticed something different about Ruslan’s powerpoint deck — it had a plain border with no photos.

Ruslan explained how the company would typically buy stock images — photos of happy people shopping online or receiving a delivery — for about $150 each for the cover pages.

When Ruslan heard the team was searching for new images he instructed them to not waste any time and money and just make the cover pages plain.

His thinking: he’d rather save $1000 and pass it on in cost savings to consumers and shareholders than waste it on meaningless stock photography. shares were trading at $9.26 today. The company listed on the ASX in 2016 at $1.80 a share.

The fund manager, who didn’t want to be named, said: “I loved hearing from Ruslan that he told the team to ditch the unnecessary expenses for stock images in an investor presentation. It’s just one of many examples of the relentless focus on efficiency in the business. When a business is doing well, the numbers do the talking.”

Here’s how the presentations changed, from the 2017 cover page:

To the latest half year: