Stockport re-commerce business, musicMagpie, reported strong underlying profitability and margin improvement in a trading update for the six months ended May 31.
In its first trading announcement since floating on AIM in April this year, the online retailer that resells secondhand phones and other gadgets online in the UK and US said its financial performance for the period is in line with management’s expectations.
Revenues for the period were £72.5m, up from £70.2m, and adjusted EBITDA was £6.2m, compared with £5.4m the prior year.
Growth has continued to be driven by an increasing consumer adoption of circular economy models to recycle and reuse items, along with a growing consumer trend to buy goods and services from brands with strong ESG (environmental, social and corporate governance) credentials.
In addition to the ongoing growth of its core re-commerce business, the group’s innovative new smartphone rental subscription service has made strong progress since its launch in October 2020.
The service provides customers with a more affordable…