Well, good morning, everyone. My name is Anne Ward, and I am the Board Chair of Redbubble Limited. I'm pleased to welcome you to Redbubble's annual general meeting for 2022. It is shortly after 11:30 A.M., and the company secretary informs me that there is a quorum present, so I now declare the meeting open. On behalf of Redbubble, I would like to acknowledge the traditional custodians of country throughout Australia and their connections to land, sea, and community. We pay our respect to their elders past, present, and emerging, and extend that respect to all Aboriginal and Torres Strait Islander peoples today. Notice of the meeting was made available to all shareholders on September 21, and I propose to take that notice as read. The meeting has been properly convened. I would like to start by outlining some of the procedural matters for this meeting.
After two years of virtual meetings, I'm pleased that this year we are able to meet with our shareholders in person today. We understand that some shareholders would prefer to attend the meeting online, which we have facilitated using the technology of our share registry Link Market Services. As much as possible, we will provide the same opportunities for participation for those joining us in person and those attending online. If we do experience any technology issues during the meeting, we may need to take a short break. If there is a significant technological issue that we can't solve and we need to adjourn the meeting to another time or date, we will notify shareholders through email and the Redbubble investor relations website. We will also lodge details with the Australian Stock Exchange.
Voting on resolutions will be conducted by way of a poll at the end of the meeting following the question- and- answer session. The results of the poll will be announced to the Australian Stock Exchange later today. Only shareholders, validly appointed proxies, and corporate representatives are entitled to vote at today's meeting. If you are a shareholder or proxyholder attending and voting in person, you will need to have obtained a yellow voting card when you registered. Please see the registration desk at the front should you require a voting card. Shareholders attending the meeting online will be able to cast their vote at any time during the meeting using the electronic voting card. Please refer to the online voting guide or use the helpline specified if you have any difficulty in casting your vote.
Shareholders will be able to submit their vote online until five minutes after the meeting closes. Voting on each of the resolutions set out in the notice of the meeting will be conducted by way of a poll, which is now open. Resolutions may only be voted on by shareholders, proxyholders, and shareholder company representatives. If you are registered on the share register as a shareholder or are a proxyholder and would like to ask a question, you can do this in one of three ways. If you are physically present at the meeting, you can raise your yellow or blue shareholder card, and I will invite you to ask your question. Questions submitted to the company prior to the meeting and questions from the floor will be addressed first.
If you are attending the meeting remotely, you will be able to submit questions at any time during the meeting by registering as a shareholder or proxyholder and selecting the Ask a Question button. To ensure questions reach us in time, I ask that you submit them now if you have not already. You may also ask questions by telephone by following the instructions in the virtual meeting guide. If you would like to ask a question by phone but have not yet obtained a PIN, please contact Link on 1-800-990-363. We will not address questions that do not relate to the business of the meeting or the Redbubble Group. We will address multiple questions on the same topic as one where appropriate. Now, I would like to introduce the other members of your board. On my far right, Martin Hosking, Non-Executive Director.
Martin Hosking was one of the founders of Redbubble and served as CEO from 2010 until 2018, remaining on the board as a Non-Executive Director. Martin Hosking was reelected to the board last year. We have Jennifer Macdonald, Non-Executive Director. Jenny joined the board in February 2018 as a Non-Executive Director and chairs the Audit and Risk Committee. Jenny was also reelected to the board last year. Attending online, we have Greg Lockwood, Non-Executive Director. Greg joined the board in June 2015 and was also reelected last year. We have Ben Heap, Non-Executive Director. Ben joined the board in April 2020. Although Ben's term of office is not due to expire this year, it is a requirement that the company must hold an election for at least one director at each annual general meeting. To allow Redbubble to meet this requirement, Ben is standing for reelection today.
Since joining the board, Ben has made a substantial contribution, particularly in his role as Chair of the People, Remuneration and Nomination Committee. Also joining us today is our Chief Executive Officer, Michael Ilczynski. I would also like to welcome Ash Butler from the company's auditors. Raise your hand, Ash. Thank you. Ernst & Young. Ash will be available to answer any questions relating to the conduct of the audit and the preparation and content of the auditor's report. Turning to the agenda for today. First, I will deliver my address, then Michael Ilczynski will deliver his CEO's address. We will then move to the formal business of the meeting, including the resolutions to be voted on by shareholders. We will then address shareholders' questions in relation to the company's FY 2022 reports, the resolutions, and other general business.
Please note, we'll only be taking questions from shareholders registered on the share register and from proxy holders. We will conclude with the final opportunity to cast votes on the resolutions set out in the notice of meeting. Now, I will turn to my chairman's address. FY 2022 was a period of consolidation for Redbubble. We, like businesses around the world, adjusted to an evolving post-pandemic era, and we face new challenges in our operating environment. However, as a larger and more resilient group than before the pandemic, we were able to respond to these challenges, and I am pleased with the steps we have taken and continue to take to ensure the group is able to deliver long-term sustainable growth. I am aware that many of our shareholders are frustrated with Redbubble's recent share price performance. The directors understand and share your disappointment.
Our focus remains on ensuring the business is addressing the key levers it can control and ensuring the business is best positioned to create long-term shareholder value. A number of shareholders have also encouraged the board to undertake an on-market share buyback program. I would like to assure shareholders that the board regularly reviews the group's capital allocation. We continue to believe that the best use of the group's capital is investing in our strategic initiatives to deliver long-term sustainable growth. We will actively review this as circumstances change. After an unprecedented period of change and volatility, it is an opportune moment to pause and reflect on Redbubble's impressive journey since its inception and our continued confidence in its future. In 2006, Redbubble was formed to respond to a specific need.
There were millions of people around the world who saw themselves as artists but lacked the ability to connect with customers to sell their works and lacked the tools to turn their works into physical products. Over the following 16 years, Redbubble has been unwavering in its focus to address this need and support independent artists. We are proud to have enabled artists to earn more than AUD 430 million over that period. Redbubble has also benefited from evolving consumer preferences. Today's customers are looking for products which express their individuality, personality, and passions. Many do not want mass-produced products. They want items which are personalized and relevant to them and their lifestyle. The Redbubble marketplaces offer a simple no upfront cost selling model for artists, which enables them to sell to millions of customers globally.
When an artist sells an item to a customer, it is fulfilled and shipped online directly from our third-party fulfiller network, which means neither the artist nor Redbubble needs to carry inventory or warehousing costs and risks. This business model is also highly scalable and capital light for the group. The artists and their content, the customers, and the third- party fulfillment network form a unique three-sided marketplace with genuine flywheel effects, where improving one side creates a positive impact on the other side. The content that artists sell attracts customers, and as more customers purchase, that enables the fulfillment network to scale, lowering costs and attracting additional customers. This increase in customers creates more artist revenue, encouraging new artists to join the platforms. They add more content, thus attracting more customers, and the cycle continues.
The group's business has been growing this virtuous cycle for many years, as highlighted on this slide. Over the last five years, new content has been growing at a CAGR of 58%. The Redbubble marketplaces are now host to tens of millions of designs that translate into billions of individual product listings. This is a significant competitive advantage for the group as it is extremely difficult to replicate. In FY 2022, we had 8.3 million unique customers, more than double the number of customers than in FY 2018. Our highly adaptable business model allowed us to respond to record volumes at the height of the COVID-19 pandemic efficiently and profitably. In particular, the flexibility of the third-party network enabled us to add new product categories, further localize production, and manage shipping delays.
Our performance during this period and the financial benefits that we saw from operating at a much larger scale reinforce our confidence in the group's business model and in the tremendous potential ahead of Redbubble. Redbubble came out of the pandemic a much stronger company. The group materially grew revenue and unique customers and accumulated a substantial cash balance, which has put us in a strong position to invest in the business to achieve our medium-term aspirations. We have a clear strategic plan that focuses resources on improving our technology platform, the artist and customer experience, and our brand recognition. In a minute, Michael will provide an update on the group's progress in achieving our specific objectives in his address. Given the current macroeconomic environment, we are aware that some shareholders might question whether this is the right time to invest in our business.
We are confident that our targeted investments we are making to improve the platform, the products, the artist, and the customer experience will drive a return to growth and positive cash flow. We are taking a disciplined approach, and we will adjust our strategy and the timing and size of our investment as required. Over the last few years, Redbubble has also refined and formalized its ESG practices. I am proud of the group's track record in this area and recent progress, particularly the release of our inaugural ESG strategy document just a few weeks ago. Since its inception, Redbubble has sought to deliver social good and maintain a small environmental footprint as well as deliver value to artists and shareholders. This has not changed.
Rather, by formalizing the group's ESG approach, we are able to take stock of the broad range of initiatives already underway and organize those activities into a comprehensive plan. The report outlines specific targets we have set which connect to our ESG vision, which is to build an enduring marketplace that connects people through creativity and empowers our community without compromising the planet. These targets are noted on the slide and are focused on three key areas for the group. People, planet, and prosperity. I encourage all shareholders to read the report, which is available on our corporate website. In our FY 2022 annual report, we also highlighted that the board had commenced a process to appoint an additional director. We were looking for a director with experience in scaling e-commerce marketplaces and brand building to complement the existing director's skill set.
I'm very pleased that after a comprehensive international search, we located a candidate, Bob Sherwin, who met all of our criteria. Bob is a highly respected senior executive based in Boston in the U.S. He's currently Chief Marketing Officer at Wayfair, one of the world's largest destinations for home furnishings, housewares, and home improvement goods. Bob is responsible for Wayfair's global marketing strategy, and during his tenure with that company, he has helped grow net revenue from just over $900 million in 2013 to more than $13 billion a year in 2021. Unfortunately, Bob was not able to join us today. His appointment to the Redbubble board will be effective from first of November, next week, and he will stand for election at Redbubble's 2023 annual general meeting.
On behalf of the board, I would like to take this opportunity to thank our artists. We are honored to support your creativity. We would also like to thank the third-party fulfillers and content licensing partners and the customers who continue to use our marketplaces in increasing numbers. I would also like to thank my fellow directors, Michael, the executive team, and the broader Redbubble team for their ongoing dedication. Finally, thank you to you, our shareholders, for your continued support as we work towards our ambition of creating the world's largest marketplace for independent artists. I will now call on Michael to provide the CEO's address.
Thank you, Anne. Hello, everyone. Thank you for joining us today. After our virtual meeting last year, I'm really pleased to have the opportunity to present to Redbubble's shareholders in person today. Before I begin my presentation, I'd like to echo Anne's sentiments regarding the Redbubble share price. I, too, am disappointed. Since I took the position of CEO at the beginning of 2021, I've remained confident in Redbubble's tremendous potential and the steps that need to be taken to capitalize on the opportunity before us. As such, we have made deliberate investment in the group's capability and capacity, which I'll provide further detail on today. While internally, we are starting to see the benefit of this investment, it is not yet evident in our financial results, and I know this is frustrating to our shareholders.
We have all seen how profitable the group can be when operating at a larger scale, such as at the height of the COVID-19 pandemic just 18 months ago. We are confident that the steps we are taking now will enable the group to return to this level of profitability on a sustainable ongoing basis. This is the executive team's primary focus. Today, I'll provide you with an overview of our FY 2022 results. Overall, FY 2022 was a year of challenge and transition for the group. The group faced the challenges of a reduction in the sales of masks, homewares, and artworks that have all reduced from their COVID-driven FY 2021 highs. At the same time, increased competition in digital marketing channels and the impacts of ATT changes have driven up paid customer acquisition costs, and consumers have had to face record high inflation.
Despite a much more challenging macro and geopolitical environment over the past six months than we or anyone anticipated, we delivered FY 2022 results in line with the guidance we provided back in early January. I'll now take you through our FY 2022 financials in greater detail. Gross transaction value was AUD 630 million for FY 2022, and we achieved marketplace revenue of AUD 483 million. Adjusting for the impact of mask sales and delivery date adjustments, our underlying revenue was down 2.6% year-on-year to AUD 472 million. Gross profit of AUD 183 million was down 18% versus FY 2021. On a two-year view, which looks through the benefit of mask sales in FY 2021, gross profit was up 36%. EBITDA was negative AUD 11.2 million for FY 2022.
This reflects the significant increase in OpEx during the year as the business invested in building internal capacity and capability. Our cash balance of AUD 89 million as at June 30, remains strong and continues to provide us with operational and investment flexibility. Given our bottom line outcome, we are not at all satisfied with our results for the year, but we are encouraged by the improvements and momentum we are starting to see, the quality and capability of the people that we've added to the group through the investments we've made, and the genuine uniqueness and of the scale and potential of our marketplaces. We're continuing to focus to execute against our four key strategic themes. There has been no change to our foundational pillars upon which we can build and scale to our next phase of growth.
I'll provide an update of our key achievements against each of these pillars over the next few slides. We've also included our two enablers, business enablement and risk mitigation. These enablers have been in place since we first shared our four strategic themes. Business enablement is a particular focus on our core technology platforms and processes, modernizing and enhancing them to ensure the scalability and reliability of our platforms and to enable more rapid progress against our strategic themes. There is a significant proportion of our engineering capacity currently dedicated to this enabler. Risk mitigation includes areas such as compliance and regulatory testing of products manufactured by the third-party fulfillment network, as well as the development of our ESG strategy, which Anne mentioned in her address.
Starting with the artist activation and engagement theme, we are committed to improving the artist experience to encourage new artists to join the platform and make sales and existing artists to sell more works. This combination of new artists bringing fresh, relevant content to the marketplace and existing artists continuing to make sales after many years after joining, demonstrates the ongoing compounding nature of sales and growth that our platforms can and do generate. Our initiatives aimed at driving artist engagement in FY 2022 included expanding the physical product range, sending targeted messages to segmented artists, encouraging them to upload new content to the platform for customers to purchase. Through the Redbubble Fan Art partnership, Legendary Entertainment empowered artists across the world to express their unique fandom while reaching a new customer base to sell licensed fan art for the critically acclaimed and Oscar-winning movie Dune.
Our biggest change in our product range was the entry into the pets category. This will help the group gain access to new addressable markets by expanding the existing product portfolio into new areas of rising demand among our core audience. The products include pet blankets, pet mats shaped for cats and dogs, feeding bowls, and bandanas, with further extensions to this category to come. Developing a culture and process of targeted experimentation across the group continues to be a key aspect of enabling us to achieve our longer- term potential. This remains an ongoing area of focus as we continue to make investments and experiment across the customer transaction funnel.
We've included some examples of these experiments on this slide, including leveraging our new customer data platform to drive improvements to audience targeting and creative strategy, which is designed to increase users through to Redbubble through social media channels, and improved promotional experiences in the Redbubble native apps. Pleasingly, our average order value, AOV, was up 9% in quarter four and up 5% for FY 2021. This was driven by a combination of the May price rise, which I'll provide some more detail on later, and initiatives which built order value, such as bundling incentives and free shipping tests, which involve a threshold over which shipping is free. We're encouraged by the traction the teams are starting to get in this area.
We still have a lot of work to do and a lot of opportunity right through the transaction funnel, and the teams will continue to experiment and improve. Consistent with our strategic priorities, during FY 2022, we invested significantly in additional people to boost our internal capabilities, particularly with the product and engineering teams in the Redbubble.com business in the second half of the financial year. Some examples of how this investment is leading to improvements in the customer experience include the launch of branded dynamic product ads, particularly on social channels, where the products presented are dynamically created depending on the customer's behavior. Improved in-app promotional experience that has increased promotional take-up and therefore overall sales on our native apps. The launch of buy now, pay later options at checkout, providing additional payment options for consumers that have helped both checkout conversion and average order value.
Purchases by repeat customers made up 46% of marketplace revenue in FY 2022 across the two businesses. This is up from 45% at the half and from 42% in FY 2021. The chart demonstrates that we are making progress in both businesses in growing revenue from repeat customers. It's also a validation that our focus on better customer understanding and loyalty is of high potential, while we also continue to work to develop new diversified customer acquisition channels. Redbubble Group unit economics remain compelling, and we took some proactive actions in the second half of FY 2022 to further solidify them. Pricing actions were implemented in early May via an average 6% increase to base prices, and this was in recognition of expected higher costs of doing business and to enable a continued focus on lowering shipping margins.
Our experience post-price rise has been encouraging, with negligible impact on conversion and higher average order value. For the fourth quarter, we achieved a gross profit margin of 39.7%, which was down 50 basis points versus PCP, but up 220 basis points versus the third quarter. Our fourth quarter GPAPA margin or contribution margin was 23%, and this was up 160 basis points versus the third quarter. Our logistics and supply chain teams were able to successfully renegotiate improved shipping agreements in the U.S., Canada, and the U.K. We will continue to see the financial benefits from these improved agreements in FY 2023. We have previously flagged the need to build our brands.
This is a core strategic priority to build a deeper understanding with customers of our proposition to increase the effectiveness of both paid and unpaid acquisition channels and to improve customer loyalty and repeat purchases. We believe the time is now right to begin investing in the Redbubble brand. With these investments, we are aiming to grow awareness in our unique value proposition and core platform offering with messaging we have developed through learnings over the last financial year. Our awareness efforts will focus on attracting and retaining the Gen Z audience. That is people aged 10 years-25 years today. For the Redbubble brand, we know and have reaffirmed that Gen Z is the core growth audience who already engage the most with the brand. We also know that there is ample opportunity for growth with this audience.
For FY 2023, we will evolve our on and off platform experience to better meet the expectations of Gen Z, which you can start to see through the merchandising experience of this year's product launches on Redbubble. Bucket hats being a clear example. On-site improvements, such as offering buy now, pay later options of which Gen Z is the largest generation to use. Our execution plan for the year is grounded in learning what creative and media mix approach grows awareness in key U.S. cities with Gen Z. Successful learnings will then be scaled into new types of media and additional U.S. cities. We've selected a strong agency partner to work with us on this. We have previously shared our medium-term strategic plans based on our high-potential growth levers.
These initiatives will be phased over the next four to five years and have been ordered to give us the best chance of maximizing our returns on investment. While we continue to work on improving our foundations in some areas, in other areas, we are now moving into the second phase of earning growth through disciplined investment. In FY 2023, this includes commencing investment in the Redbubble brand, as I described earlier, and a continued focus on gaining efficiencies across the fulfillment network as we scale. We have shared our medium-term aspirations to reach AUD 1.5 billion in gross transaction value and AUD 250 million in annual artist earnings in April last year. We remain committed to these aspirations, and we continue to believe that t h e margin profile presented with these aspirations is achievable at that level of scale.
In recognition of our current position, the progress we are making against our strategic priorities, and the challenges faced by the group to replace the AUD 55 million of mask sales in FY 2021, we have updated and clarified our timeframe for these aspirations to the two-year period of FY 2026 to FY 2027. To reiterate, when we achieve this level of scale, which includes growing marketplace revenue in line with our historic CAGR of between 20%-30%, we remain confident that this level of profitability is achievable. Our aspirations for the group are to be 2.5 x larger from a gross transaction value and marketplace revenue perspective than it is today.
At that scale, we are confident in the operating leverage achievable and that this will enable us to produce EBITDA margins in the medium- term of 13%-18%. Now moving to our FY 2023 outlook. We reiterated our guidance last week with our first quarter trading update, with a slight reduction to our FY 2023 OpEx guidance. Revenue growth is expected in FY 2023, with the benefit of one-off mask sales in FY 2021 of approximately AUD 55 million now largely fully cycled. Redbubble unit economics, as represented by our GPAPA margin to remain compelling, supported by the approximately 6% average base price rise from early May 2022. Our forecast FY 2023 OpEx reflects a slowing of new roles in FY 2023, down to 4% from 30% growth in FY 2022.
FY 2023 forecast salaries and wages to be towards the lower end of the increase of between AUD 14 million-AUD 18 million for the year. FY 2023 forecast Redbubble brand investment of approximately AUD 8 million-AUD 12 million at constant currency to build awareness that reinforces the path to our medium-term aspirations. I'd like to close by thanking the teams at Redbubble and TeePublic for their commitment, dedication, and hard work over the past 12 months. I thank Anne and the board for their ongoing support, and I wanna assure you, our shareholders, that everyone in the group is working as hard as possible to turn the investments that we are making into results for artists and our shareholders. Thanks, Anne.
Thank you, Mike. We will now proceed to the formal business of the meeting. Before we move to the formal resolutions, the first item of ordinary business is to receive and consider the financial report of the company, being the audited financial report for the company and its consolidated entities for the financial year ended June 30, 2022, and the reports of the directors and the auditor. The directors' report, financial report, and auditors' report were released to the market with the company's Appendix 4E full year results on August 17. They are also published on the Redbubble Investor Center website and in the FY 2022 Redbubble annual report. There is no requirement for shareholders to approve these reports, but there will be an opportunity for shareholders to ask questions about them when we come to question time in a couple of minutes.
The auditors have not received any questions prior to this meeting, but as I mentioned earlier, Ash Butler from Ernst & Young is available to answer any questions about the conduct of the FY 2022 audit. We have four voting resolutions for consideration at this meeting. Resolution one is for the adoption of the remuneration report. Resolution two is regarding the re-election of Ben Heap as a director. Resolution three is for the alteration of constitution, a general update. Resolution four is a specific alteration of our constitution to allow for virtual meetings. Resolutions one and two are ordinary resolutions, which means that to be passed, the item needs the approval of a simple majority of the votes cast by shareholders entitled to vote and voting on the resolution.
Resolutions three and four are special resolutions, which means that to be passed, the item needs the approval of at least 75% of the votes cast by shareholders entitled to vote and voting on the resolution. As I mentioned earlier, voting on the resolutions will be conducted by way of a poll at the end of the meeting, following the question- and- answer session. The results of the poll will be announced to the Australian Stock Exchange after the meeting. On all of the resolutions, I will be casting the undirected proxies given to me in favor of the resolutions. I will now set out each of the proposed resolutions before we address shareholders' questions. Resolution one is to adopt the company's remuneration report.
Under the Corporations Act, the company is required to include in the directors' report a detailed remuneration report setting out the prescribed information relating to directors and other key management personnel's remuneration and submit this for adoption by resolution of shareholders at the AGM. Shareholders are asked to adopt the remuneration report. The shareholder vote is advisory only and does not bind the directors of the company.
However, pursuant to the Corporations Act, if the resolution to adopt the remuneration report receives a no vote of at least 25% of the votes cast at two consecutive annual general meetings, a resolution must then be put to shareholders at the second AGM as to whether another general meeting of the company should be held within 90 days, at which all directors who were in office at the time the board approved the second remuneration report would need to stand for re-election. Noting that each director and each key management person defined in the remuneration report has a personal interest in their own remuneration from the company, as described in the remuneration report, and that each director and each KMP or closely related party of a director or KMP is excluded from voting their shares in favor of the resolution. The directors unanimously recommend that shareholders vote in favor of the adoption of the remuneration report. Resolution two is for the re-election of Ben Heap as a director of the company. I would like to ask Ben to briefly address shareholders regarding his re-election.
Thanks, Anne. Welcome all. My biography is included in the annual report, and so I won't repeat that information here. Suffice to say, I've got extensive experience in a range of business sectors, including asset management, digital and technology transformation, business innovation, and venture capital investment. I joined the board of Redbubble in April 2020 because I believe that the marketplaces Redbubble owns and operates make a difference to the community of passionate creatives who offer their designs through those marketplaces and to the millions of customers that use those marketplaces. I continue to believe this. I believe I'm a strategic and analytical thinker. I have a diverse industry and geographic experience, and I'm committed to creating long-term value for Redbubble and for all of its shareholders.
Shareholders may be aware that I'm also the chairman of the Star Entertainment Group, and that company has been facing and continues to face significant challenges in relation to gaming regulation compliance. That's been a formative experience for me professionally, and I do believe I'm a better director as a result of that experience. Importantly, I was found suitable to fulfill my role as a director by an inquiry in New South Wales in relation to The Star. Thank you.
Thank you, Ben. I propose the resolution and note that the directors, with Ben abstaining, unanimously recommend that the shareholders vote in favor of Ben's re-election as a director. Resolution three relates to the alteration of the constitution. It's proposed that the company's constitution be amended to reflect changes in the law, regulation, and market practice since the constitution was last updated in 2016. The amendments proposed in this resolution three are set out in Appendix A to the notice of meeting. There are three changes proposed under this resolution. They are all fairly technical matters relating to, firstly, the updating of the number of joint holders that may be registered from three to four to reflect the CHESS replacement schedule for implementation in 2024. Secondly, adopting provisions in relation to restricted securities to reflect ASX listing rule changes.
Thirdly, updating the notices provision in the constitution to facilitate the use of electronic documents for offers to shareholders, as the current constitution is somewhat ambiguous and may be interpreted as requiring any such offer documents to be sent hard copy by post. I propose the resolution to alter the company's constitution in the manner I have outlined and note that the directors unanimously recommend that shareholders vote in favor of the resolution. Resolution four. The change proposed by this resolution is to amend the company's constitution to allow the company to hold general meetings using virtual meeting technology. This amendment is proposed as it provides flexibility to the company in an uncertain environment. It will enable the board to decide each year whether to hold virtual, hybrid, or in-person meetings, having regard to the best interests of shareholders.
Redbubble has historically held annual general meetings physically in person, and this will remain the board's preferred form of annual general meeting, with virtual capability offered alongside the physical meeting in a hybrid format, such as we are doing today. However, we believe it is important to have flexibility as there has for some time been a gradual shift in shareholder preferences to digital and virtual communication. We also have many international shareholders, and we need to take their needs into consideration in AGM planning. Having the power to hold virtual meetings does not mean that we will only hold virtual meetings or only hold meetings virtually. We would, of course, continue to listen to our shareholders' preferences going forward.
I propose the resolution to alter the company's constitution to allow virtual meetings, and note that the directors unanimously recommend that shareholders vote in favor of the resolution. We will now turn to question time, and we will take shareholders' questions before voting on the resolutions. First, we will take questions submitted to the company prior to the meeting and questions from the floor. After that, we will take questions on the telephone, followed by written questions submitted via the virtual meeting platform. I hope you'll all bear with us. This is the first time we've had a hybrid meeting, and hopefully all goes to plan. The first question submitted prior to the meeting is from Mr. Tom Ballard, shareholder.
Mr. Ballard asks, "Given the current valuation of the business on the ASX, has the board considered an alternative listing, for example, in the U.S., where a higher valuation might be possible?" Thank you, Mr. Ballard, for that question. The board has considered the implications of a U.S. listing, including the costs involved. We also note that there is an ADR, an approved depository program in place, which enables U.S. Share trading, and we've had that in place for a number of years. At the moment, pursuing a U.S. listing is not a priority, and we're focused, as we've said, on building the business and scaling to our next phase of growth to create long-term shareholder value. As the company grows, we will reconsider a U.S. listing.
The second question submitted ahead of the meeting is from Per Asmussen, shareholder, who asks, "Has Redbubble now made a social media strategy, and what does that contain?" Well, thank you for that question, Mr. Asmussen. I take the question as referring to our use of social media in marketing and customer acquisition. Yes, we do have a social media strategy, and I'll ask Mike to provide some details.
Thank you, Anne. Just firstly, social media now for us is something that is pervasive right across the business and is something we consider in all aspects of communicating with new and prospective customers, as well as artists. In terms of our specific social media strategy, as Anne said, relates to customer acquisition, it's primarily focused on our target demographic, which is Gen Z. As such, we concentrate our social media efforts on the channels that they most frequently use. Things like Snapchat, TikTok, Instagram, Pinterest, YouTube, et c. We use a range of both organic posts and a broad range of ad types. We do a significant amount of remarketing, so not just reaching out to new customers, but also reconnecting with existing customers once they've connected. We also use social media, although it's a bit harder these days, to target look-alike audiences. What I would say is social media is a key part of our communications with new and prospective and existing customers, and it's pervasive right throughout the business.
Thank you, Mike. Are there any questions now from the floor? Yes. You're supposed to raise your yellow card. Thank you. Please, could you come forward to the microphone so that our online attendees can hear? Thank you.
Good morning. Thank you, Chair, for taking the question. Redbubble as a global operating company, is the armed conflict between Ukraine and Russia having an impact on either the artists or the customers of the group? Thank you.
Great question. Thank you, sir. When the invasion of the Ukraine occurred and the sanctions were applied, those sanctions applied to Redbubble. We had a number, couldn't give you the exact number, but quite a few artists located in Russia, and we've been unable to pay those artists or pay them to an account based in Russia. Yes, it has had an impact on those particular people. We are holding that money aside until other arrangements are made or the sanctions are lifted. We also took action to engage with artists based in Ukraine, and we featured a number of Ukrainian artists' works and works that were themed to support of Ukraine. We implemented a policy that we have with such matters where we will make the decision to donate profits derived from those works to charities that support in this case, people in Ukraine. Were there any other actions we took, Mike?
Yeah. Probably just two more. It's one, it has also been disruptive to deliveries, as you can imagine, in the region. Just to reinforce what Anne said, the program to support the Ukrainian community and Ukrainian artists is undoubtedly the proudest thing that I've been involved with in my time at Redbubble. We've to date had, I think, over AUD 1.5 million in product sales on the platform. We've generated over AUD 150,000 in artist earnings, and as an organization, we've donated well over AUD 100,000. I think it's up to about AUD 125,000 now to two key charities helping the people of Ukraine.
Thank you. Are there any other questions from the floor? If not, then we will turn to telephone. Are there any telephone questions?
There are no telephone questions at this time.
Okay. Thank you. I was told to expect a delay, but that came through rather quickly. Thank you. In that case, I think then we will move to online questions. Are there any online questions on any items of business?
Yes. We have received a question from [Brett Dorindorf], why have profits before taxes deepened compared to several years ago, despite a higher GTV revenue base? Would it not be better to make the necessary OpEx investments as profitability allows?
Thank you for that question. I think the question is why have losses increased despite higher revenue? That's how I'm reading that. As Michael and I touched on in our addresses, we have increased investments that we believe will drive top-line revenue growth and restore profitability to the company. I think we have made conscious choices to do that. In terms of the timing, one does need to make the investment to drive the growth before the growth comes, not wait for the growth and then make the investment. I might ask Mike if you have any other comments on the timing or optionality of the investments.
Yeah. Thanks, Anne. A couple of things we've mentioned a few times to investors recently. Number one is we are in the very fortunate position where we're sitting on a strong cash balance that, you know, with no debt. That positive cash balance with no debt gives the company the flexibility to invest for growth. We really want to emphasize that we are investing for growth. We talked about at our Q1 release recently that more than 75% of the increase in people since June 2021 has been into our growth-focused areas such as our product and technology teams, marketing, commercial, supply chain, and logistics. The investments we are making are to drive both top line and bottom line returns. Those investments obviously are predicated on making a return and on generating profitability. Obviously, therefore, it means that it's essential for management and board to evaluate the returns that those investments are making and adjust appropriately if required.
Thanks. Thanks, Mark. Are there any further questions online?
Yes. We have received a second question from [Mr. Dorindorf]. For some time now, Redbubble has made mention of initiatives to create shareholder value but has been extremely vague on what that actually means. Are share repurchases on the cards given the valuation? Is Redbubble open to selling? I would hope the company doesn't intend to use our cash and risk the balance sheet or dilute shareholders by issuing equity at a blown-out valuation just to acquire something.
Thanks. Thanks for that question, Mr. Dorandoff, which covers a fair amount of territory. I'll start by saying the director's role, and the board is very aware of their role, to make decisions about the allocation of capital in the best interests of shareholders and which will maximize value created for shareholders over the medium to long- term. As I mentioned earlier, we have and will continue to consider whether it's appropriate to embark on a buyback program. We have no intention, no current intention or need to raise capital.
In terms of M&A, acquisitions, those sort of transactions, as you would all appreciate, are confidential and sensitive matters, and the board, in fulfilling its obligation to explore opportunities to create value for shareholders, will continue to explore those opportunities and will continue to comply with its obligations under continuous disclosure rules and disclose what we can and should when required. Thank you. Are there any further questions online?
There are no further questions.
There are no further questions online, so I might just go back and check there are no questions on the telephone at this time.
There are no telephone questions at this time.
One final chance for the those in the room to ask questions. Okay. I think that then concludes the questions from shareholders, and I feel like we've given everyone plenty of opportunity to ask questions, so thank you for those questions and your engagement. We will now conclude with the remaining items of business, which is voting on the resolutions. I move that the remuneration report for the period ending June 30, 2021 be adopted by passing an ordinary advisory resolution as set out in the notice of meeting. The proxy votes cast on this resolution are shown on the slide. If shareholders have not yet voted on this item, including those in the meeting, please now select for, against, or abstain on resolution one on your voting card.
On to resolution two, for Ben Heap's reelection as a director of the company. I now move that resolution two, which is proposed as an ordinary resolution as set out in the notice of meeting, be put to the meeting. The proxy votes cast on this resolution are shown on the slide. Shareholders who have not voted, including those in the meeting, please do so now. On to resolution three, for the alteration of the constitution to update it generally. I now move that resolution three, which is proposed as a special resolution as set out in the notice of meeting, be put to the meeting. The proxy votes cast on this resolution are shown on the slide. The shareholders who have not voted, including those in the meeting, please do so now.
Onto resolution four, for the alteration of the constitution to allow virtual meetings. I now move that resolution four, which is proposed as a special resolution as set out in the notice of meeting, be put to the meeting. The proxy votes cast on this resolution are shown on the slide. Shareholders who have not voted, including those in the meeting, please do so now. A representative of Link Market Services will circulate at the conclusion of the meeting to collect votes from shareholders at the meeting. That concludes the business of this meeting.
As I mentioned earlier, shareholders can submit their votes on the resolutions online up until five minutes after the meeting closes. The results of the polls will be announced to the Australian Stock Exchange later today. Thank you for your attendance and participation in this meeting. On behalf of the board, I would like to thank you all for your support, and I now declare the meeting closed. Those here, please join us for refreshments in the foyer. Thank you.