Stockport-headquartered global recommerce retailer, musicMagpie, has revealed record Black Friday sales in its pre-close trading update for the year ending 30th November 2023.
The business expects full year revenue to reach £136.6 million, with strong sales figures on the Black Friday weekend helping to off-set a slower first half of the year. Consumer technology revenues from the last six months of the year also saw 7.5% growth compared to the second half of the previous year.
Overall gross margin was 27.7% (up 1.5 percentage points on 2022) as the Group continued to focus on margin expansion as opposed to sales growth. As a result, EBITDA is expected to be up 15.4% at £7.5 million.
musicMagpie has also seen continued growth in its device rental product, with active subscribers up 21% over the year, totalling 37,100, with total rental revenue up 57% to £8.3 million.
Whilst the challenging consumer environment and inflationary pressures continue, the group’s Board is encouraged by musicMagpie’s H2 performance and remains confident in its strategy and in its medium-term prospects.
Steve Oliver, Chief Executive Officer & Co-Founder of musicMagpie, said:
“We are pleased with the performance of the Group in the second half of the year, and are delighted that our focus on profits and cash has delivered significant EBITDA growth. Our strategy of proactively managing the number of active Rental subscribers has also helped in this regard and will support our short-term objectives on profits and cash into 2024, bolstered by an enhanced Buy Now Pay Later offering.
“I remain confident in the business and our ability to navigate the difficult external market conditions, especially given the outstanding level of trust that consumers continue to have in our brand, as demonstrated by our excellent 4.4* Trustpilot rating based on over 277,000 reviews.”
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