musicMagpie shares interim half year results

Stockport-based circular economy pioneer, musicMagpie, has announced its unaudited interim results for the six months ending 31st May 2024.

The group has seen its global revenue fall slightly on the same period last year to £53.8 million, with the reduction due to planned changes in its US business, which is being converted into a sourcing-only operation. UK consumer technology sales rose during the same period to £28.7 million.

Successful delivery of cost reduction measures has also reduced overheads for the group by £2.4 million, which have mitigated much of the reduced gross profit from lower revenues.

While current trading conditions remain challenging, the group is more optimistic for a stronger second half of the year as the Black Friday period in late November is historically when the majority of full year profits are earned. Looking ahead to the medium term, the Board remain cautious and is focusing on improving profitability, combined with the cost savings introduced.

Commenting on the results, Steve Oliver, Chief Executive Officer of musicMagpie, said:

“Amidst an increasingly competitive environment for second-use technology, and with consumers continuing to feel the squeeze on their wallets, the market has undoubtedly been challenging. However, our turnover remained robust in the UK, where Consumer Technology sales held firm, and Disc Media and Books showed welcome signs of stabilisation.

“We have been proactive in delivering savings to our cost base and right sizing our business. Combined with our efforts to refine and improve the way in which we buy, sell, and rent, our business is now in a stronger position and better able to capitalise on the continued growth of second-use markets. We have recently launched the buying of branded fashion items on the musicMagpie platform and intend to continue broadening our offering and further unlock the ‘world of inventory’ that sits in consumers’ households.”