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MySale hails good first half progress

Flash sales retailer MySale has said it made good progress in the first half of its financial year with an increase in both revenue and gross profit.

GENERAL MERCHANDISE

MySale hails good first half progress

In the six months to 31 December, group revenue rose by 4% to A$128.2 million with a 250bp improvement in gross margin driving a 16% uplift in gross profit.

As a result of an improved trading performance and the previously reduced overhead base, the group said it will generate positive underlying EBITDA of A$1.5 million for the period, in line with expectations and in contrast to the significant losses of A$11.4 million incurred in the first half of the previous year.

While all territories achieved increases in revenue and gross profit, the most significant growth was seen in South-East Asia where sales climbed by 8%.

MySale said it was seeing the first signs of “encouraging” growth and performance in the UK following a refinement of the business’s operations.

The group expects its acquisition of the Australian online retail business from Grays eCommerce Group to complete, as planned, on 31 January 2016.

Carl Jackson, MySale chief executive, said: ''We carry strong momentum into the second half of the year in all areas of our business and we have a platform which is capable of supporting a much bigger business. The fact that our South-East Asian operation is seeing such strong growth in sales and margin is clear evidence that our strategy is working in this market. South-East Asia represents a huge growth opportunity for our business. The board is confident the group is on track to meet its expectations for the financial year as a whole and we will continue to invest to drive growth.”

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