Music Magpie half year performance in line with expectations
Music Magpie, the online business selling second hand CDs, DVDs, games and consumer technology, has said its half year performance has been in line with expectations.
In the six months to 31 May, revenue increased by 3.4% to £72.5 million while adjusted EBITDA climbed by 14.8% to £6.2 million.
The company said the growth was driven by consumers’ increasing adoption of circular economy models to recycle and reuse items as well as a growing appetite to buy goods and services from brands with strong ESG credentials.
Music Magpie has also revealed that its new smartphone rental subscription service has made good progress since its launch last October with over 7,500 subscriptions secured by the end of May.
Steve Oliver (pictured), chief executive of Music Magpie, said: “The performance in the period demonstrates that the business continued on its growth trajectory whilst we successfully completed our IPO in April. 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. 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.”