Music Magpie shrinks losses
Music Magpie has seen its full year losses shrink after revenue remained relatively stable at £145.3 million.
In the year to 30 November 2022, the company posted a pre-tax loss of £1.5 million compared to £14.8 million a year earlier.
Music Magpie was boosted by a 12.2% uplift in consumer technology sales to £96.6 million, which almost entirely mitigated declining revenues from disc media and books.
Steve Oliver, chief executive and co-founder of Music Magpie, said: “In common with many consumer-facing businesses, this has been a tough year for Music Magpie in the face of a rapidly changing macroeconomic environment. However, against this backdrop I am delighted with the performance of our core consumer technology business, which grew by over 12% and now accounts for nearly 70% of our total revenue.”
During the year, Music Magpie completed the roll-out of its SMARTDrop kiosks with Asda and grew its consumer rental subscriber base significantly. It also launched consumer technology rental services for businesses.
Looking ahead, the retailer said it remains confident in its strategy despite an unpredictable economic outlook.
Oliver added: “While the short-term outlook continues to be challenging, we believe our ability to help consumers raise cash and save money positions us well for resilient trading. In the longer term, we remain very confident in Music Magpie’s future prospects – and especially those of our rental business.”
