MusicMagpie half year performance in line with expectations

Music Magpie reports strong growth in profits and sales following its recent float on London’s junior market.
Music Magpie completed its IPO in April, raising primary proceeds of £15m.
// MusicMagpie half-year revenue increases 3.4% to £72.5m & adjusted EBITDA grows 14.8% to £6.2m
// It comes after MusicMagpie entered the London stock market with a £208m flotation in April.

Just weeks after launching on the stock market, MusicMagpie has said its half year performance has been in line with expectations.

In the six months to May 31, revenue at the online retailer increased 3.4 per cent to £72.5 million while adjusted EBITDA grew 14.8 per cent to £6.2 million.

The business, which specialises in second hand consumer tech, said the growth was driven by a growing trend of consumers adopting circular economy models to recycle and reuse items.

READ MORE: MusicMagpie plans £208m flotation on London stock market

MusicMagpie also cited growing demand from consumers to buy goods and services from brands with strong environmental, social, and governance credentials.

The retailer added that its new smartphone rental subscription service has been making progress since its launch last October, with over 7500 subscriptions recorded by the end of May.

The trading update comes after MusicMagpie entered the London stock market with a £208 million flotation in April.

“The performance in the period demonstrates that the business continued on its growth trajectory whilst we successfully completed our IPO in April,” chief executive Steve Oliver said.

“We have continued to capitalise on the favourable long-term trends that are driving MusicMagpie’s growth as a leading re-commerce provider of consumer technology.

“We are particularly pleased with the performance so far of our new smartphone subscription service, for which we continue to see significant long-term potential.”

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