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Stockport-based recommerce group, musicMagpie, has seen its annual revenues dip in the year ending 30 November 2021, but advises it is well-positioned for future growth.
In year-end figures published today (2nd March), the group revealed revenues were down 5.1% on 2020 numbers, in line with management expectations, although with revenue achieving £145.5 million, exceeding its 2019 numbers. The year also saw the expansion of its device rental subscriptions service, which contributed to an uplift in musicMagpie’s gross margin, putting the company in a strong position for 2022: the services has attracted approximately 19,000 subscribers, and has expanded beyond mobile phones to other consumer technology categories.
Other highlights from 2021 include the launch of a new sustainability partnership with Asda and roll-out of SMARTDrop kiosks, as well as a corporate recycling programme.
The firm also created the ‘Mount Recyclemore’ sculpture at the G7 summit to highlight the growing global problem of e-waste, which also took pride of place outside musicMagpie’s Stockport Exchange headquarters during the summer of 2021.
Commenting on the results, Steve Oliver, Chief Executive Officer & Co-Founder of musicMagpie, said:
“This has been a landmark year in the history of musicMagpie, and I am hugely proud of everything that the business has achieved. We have delivered strong operational and strategic progress in our first year as a listed company, and have done so while staying true to our clear environmental and social focus and our long-standing ‘smart for you, smart for the planet’ ethos. During the year, we gave a ‘second-life’ to over 400,000 technology products, as well as 2,500 tonnes of disc media and books. This helped to save over 50,000 tonnes of CO2, which is the equivalent to providing heating for over 18,000 homes.
“In the current uncertain climate for consumers, the benefits of buying and renting refurbished consumer technology products, whilst helping the environment, has never been more compelling. We are particularly pleased with the progress being made by our rental subscription service, which provides customers with a more affordable and flexible option than an outright purchase or a pay-monthly contract. We are extremely excited about its future growth prospects, and scaling this area of the business further will be a major point of focus for us in the coming year.
“I would like to thank each and every one of our colleagues for their unswerving loyalty, dedication and professionalism. It is their hard work, creativity and innovation that drives our business, and it has been humbling to witness their resilience and adaptability in changing their ways of working during the pandemic.”