First-half trading on track at musicMagpie
MusicMagpie reported a 3% spark in interim sales on Thursday, in its first trading update since debuting on the London market.
The firm, which floated on Aim in April, said revenues in the six months to 31 May rose 3.4% to £72.5m, while adjusted earnings before interest, tax, depreciation and amortisation were ahead 14.8% at £6.2m.
The performance was in line with management expectations.
Steve Oliver, chief executive, said: “The performance demonstrates that the business continue on its growth trajectory while we successfully completed our IPO. We have continued to capitalise on the favourable long-term trends that are driving Music Magpie’s growth as a leading re-commerce provider of consumer technology.”
MusicMagpie buys, refurbishes and re-sells pre-owned consumer technology, from consoles and smartphones to video games and DVDs. In October, it also launched a smartphone rental service; as at 31 May the service had more than 7,500 subscriptions.
Shore Capital, which is joint broker, said: “In what has been a busy few months, not only due to the IPO but also in terms of operational progress, it is pleasing to see the group report strong underlying profitability and margin improvement, despite strong comparatives.
“As the year continues, we believe musicMagpie is strategically well-positioned to capitalise on positive underlying market trends within the consumer circular economy along with increasing adoption of online and digital solutions.”
As at 1030 BST, shares in the stock were ahead 3% at 190.0p.
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