MusicMagpie sees revenues drop to £144.8m
Net debt at 30 November 2022 was £8.2m, better than management's prior expectations
Music Magpie, who specialises in refurbished consumer technology, has announced its full-year revenue for the group will be £144.8m, down from £145.5m in 2021, for the full year ended 30 November 2022.
It also revealed that EBITDA will be “in line” with management’s expectations.
Net debt at 30 November 2022 was £8.2m, better than management’s prior expectations. The group also has a £30m committed revolving credit facility to support future growth in the rental service.
Active subscribers at 30 November 2022 were 30,500, up 27% since the group’s interim period ended on 31 May 2022.
Aimed at further improving recurring revenues from rentals and reducing consumer costs, the group has launched a 24 month contract option in December 2022 and said it expects this expansion of the offering to “help drive growth” into the new financial year.
The company said: “Whilst cognisant of the challenging consumer environment and growing cost pressures on both businesses and the consumer, the Board remains confident in the Group’s strategy and in its medium-term growth prospects, underpinned by the growing and differentiated rental proposition.”
