Music Magpie hails strong Black Friday performance
Consumer tech reseller Music Magpie has reported a strong sales performance over the Black Friday period.
In a pre-close trading update for the year ended 30 November, the retailer said consumer technology revenues were up 7.5% year-on-year in its second half, and came in at £95.4 million for the year compared to a previous £96.6 million. Overall gross margin rose to 27.7% from 26.2% as the retailer continued to focus on margin expansion as opposed to revenue growth
Music Magpie is expecting its full year revenues to be £136.6 million compared to £143.3 million in the prior year after a record Black Friday performance helped to offset a softer first half.
As a result of the gross margin increase, ongoing tight cost control, and the strong end to the year, EBITDA is expected to be up 15.4% at £7.5 million.
Steve Oliver, chief executive and co-founder of Music Magpie, 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.
“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.”
