MusicMagpie full year performance in line with expectations
MusicMagpie has said its financial performance in the year to 30 November was in line with expectations.
In a pre-close statement, the specialist in refurbished consumer technology said increased activity in November helped it to achieve record Black Friday week sales. This followed more cautious consumer behaviour over the summer and early autumn.
MusicMagpie is expecting full year revenue for the group to come in at £144.8 million compared to £145.5 million in the prior year. Meanwhile EBITDA is anticipated to be in line with management’s expectations.
Giving an update on its growing rental service, the company said its number of active subscribers stood at 30,500 at the end of the period to mark a 27% uplift since the end of its first half.
Looking ahead, MusicMagpie said: “Whilst cognisant of the challenging consumer environment and growing cost pressures on both businesses and the consumer, the board remains confident in the group’s strategy and in its medium-term growth prospects, underpinned by the growing and differentiated rental proposition.”
