Music Magpie posts strong half year performance
Music Magpie saw its revenue edge up 2.3% to £72.8 million in the first half of its financial year after sales climbed by 6.6% in the UK.
In the six months to 31 May, adjusted EBITDA rose by 13.5% to £6.2 million.
During the period, Music Magpie floated on the AIM market of the London Stock Exchange and strengthened its board with the appointment of Martin Hellawell as non-executive chairman and Dave Wilson and Alison Littley as non-executive directors.
Steve Oliver (pictured), chief executive and co-founder of Music Magpie, said: “This has been a landmark period for Music Magpie, and we are very pleased with the performance of the business as it has adapted quickly to life as a public company.
“We are seeing strong and growing demand for our unique circular economy model, as consumers continue to realise the benefits of buying and renting refurbished consumer technology products. In addition, there is a growing awareness of the rising problem of e-waste, as illustrated by the fantastic reaction to our ‘Mount Recyclemore’ sculpture at the recent G7 summit.”
Giving an update on current trading, Music Magpie said it continues to be in line with management’s expectations. It also revealed that it is making good progress with its new smartphone rental subscription service, which had 7,500 subscriptions by the end of the first half.
Oliver added: “We are now seeing more people than ever before looking to recycle their old gadgets whilst freeing up cash and decluttering their lives in the process. These trends, combined with the launch of our exciting new mobile phone rental subscription service, mean that we continue to have a high degree of confidence in the future prospects of Music Magpie.”
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