musicMagpie pleased with first half-year results since stock market flotation

Stockport-headquartered recommerce business, musicMagpie, has posted strong financial results for the six months to 31 May 2021, the firm’s first half-year results since its AIM listing earlier this year.

The firm saw its revenue increase 2.3% to £72.8 million on the same period in 2020. In the UK, revenues rose 6.6% to £58.1 million as consumers continue to trend towards more environmentally responsible products and companies when making purchase decisions.

Commenting on the results, Steve Oliver, Chief Executive Officer and Co-Founder of musicMagpie, said:

“This has been a landmark period for musicMagpie, 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. 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 musicMagpie.” 

Operational highlights for the recommerce business include the launch of two new services: a smartphone rental subscription and SMARTDrop kiosks.

musicMagpie launched its smartphone rental service in October 2020, and as of the end of H1 2021 now has over 7,500 subscribers. The service allows consumers to pay monthly for a refurbished mobile phone, rather than make a one-off purchase, with the option to upgrade their handset annually.

The SMARTDrop Kiosk concept (pictured above) launched in November 2020, and as of 31 May 2021, over 1,250 smartphones have been traded in via the self-service machines. Following a successful trial, an expanded roll-out is now planned for Asda stores across the country, with a view to ensuring 90% of the population in England will live within a 15 minute drive of a SMARTDrop Kiosk.

musicMagpie has also continued to build on its environmental credentials so far in 2021. The firm has been recognised by the London Stock Exchange’s Green Economy Mark and launched a corporate recycling programme in February this year.

The business also attracted global headlines for its commissioning of the Mount Recyclemore sculpture at the recent G7 summit that highlights the problem of e-waste worldwide. Mount Recyclemore depicts the seven G7 leaders solely using pieces of waste consumer electronics. The sculpture was last week re-erected outside the firm’s head office at Stockport Exchange and will remain there on display until September 2021.