musicMagpie PLC - Stockport, England-based used-technology reseller - Says focussed on cost control and increasing gross margins rather than growing revenue on lower margin products. Consumer Technology revenue for the first half of 2023 is £41.2 million, comprising two thirds of total revenue. This is compared to £46.0 million the year before. Says sales of disc media and books continue their anticipated decline, falling to £20.8 million from £25.3 million the year before. Says it has extended its £30.0 million revolving credit facility by one year to provide committed facilities through to July 2026.
Chief Executive Officer Steve Oliver says: ‘We are pleased with our performance in what is always the seasonally quieter half of the year for musicMagpie. It is especially gratifying to see that our profit improvement has been driven by an increased margin. This has been achieved both by focusing on higher margin sales through our own musicMagpie online store, as well as the continued strong growth of our rental offering. While we remain very mindful of the current tough consumer environment, the momentum in our business as we head into H2 means that we are confident of achieving our full year expectations.’
Current stock price: 18.49 pence each, up 4.2% on Monday morning in London
12-month change: down 60%
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