musicMagpie reveals positive start to 2024 in AGM

Stockport-headquartered circular economy pioneer, musicMagpie, has informed shareholders at it Annual General Meeting (AGM) that it has had a positive start to its financial year.

The refurbished consumer technology retailer shared at its AGM that trading in the second quarter of its 2023/24 financial year has been in line with management expectations and benefited from cost control and lower overheads. Q2 results also follow a strong start to the year which began with record Black Friday sales in November 2023.

The business has also changed its strategy in its US consumer technology operations, Decluttr, with its US business acting as a sourcing function for the UK where devices can be sold on more profitably. This strategy change, combined with a competitive UK market, is delivering lower Group revenues, but a strong focus on profitability is helping to support performance and gives the Board confidence in the Group’s medium-term prospects.

Sales of disk media and books continue to decline as expected, while the firm’s technology rental offer has seen its year-to-date income grow to be slightly ahead of its 2023 position, with the majority of the rental book comprising higher credit rated individuals. musicMagpie also informed its AGM that it expects to launch new product categories shortly.

Alongside its financial performance, musicMagpie also updated its AGM on ongoing takeover talks.

musicMagpie plc has been in an offer period since 27 November 2023 during, which time various conversations have taken place with interested parties. Two potential buyers, BT and Aurelius Group have separately given statements that they are no longer in talks with the recommerce group. Several discussions remain ongoing and as such the Company remains in an offer period, although there is no certainty of an offer, or of the terms of any sale of the business.