musicMagpie reports continued growth in half-year update

Stockport-headquartered re-commerce business, musicMagpie, has reported continued growth in its pre-close trading update for the six months to 31 May 2021, thanks to increased consumer adoption of recycling and reuse of items.

The group’s financial performance has been in-line with management expectations, with the business showing strong underlying profitability and margin improvement. Revenue increased 3.4% compared to the same period in 2020. musicMagpie’s growth has been driven by a growing consumer trend for purchasing from brands with strong environmental credentials.

The group’s refurbished smartphone rental subscription service has also continued to gather new customers, having achieved over 7,500 subscribers since launching in October 2020. The service provides customers with a more affordable, sustainable and flexible option than an outright purchase or a pay-monthly contract with a mobile network for a brand new device.

Steve Oliver (pictured left with one of the firm’s technicians), Chief Executive Officer of musicMagpie, said:

We are pleased with the strong underlying momentum within the business as musicMagpie begins its life as a listed company. The performance in the period demonstrates that the business continued on its growth trajectory whilst we successfully completed our IPO in April.  We have continued to capitalise on the favourable long-term trends that are driving musicMagpie’s growth as a leading re-commerce provider of consumer technology. We are particularly pleased with the performance so far of our new smartphone subscription service, for which we continue to see significant long-term potential.”  

With leaders of seven of the world’s major economies meeting in Cornwall this week for a G7 summit meeting, musicMagpie has collaborated with artist Joe Rush to recreate the world leaders in a Mount Rushmore style sculpture made entirely from waste electronics to highlight the growing threat of e-waste on the planet. Dubbed Mount Recyclemore, the sculpture will occupy the beach at Carbis Bay, opposite where G7 talks will take place.