Asian boost helps put Mysale on the comeback trail

19th Jan 2016 14:12

(ShareCast News) - Aim-listed online retailer Mysale reported a 4% rise in first half revenues to AUD$128.2m (£62m) thanks to bumper growth in south-east Asian markets.The company said it had "good trading momentum" going into the second half. Sales and gross profit growth was stronger in the second quarter of the year, it added.As a result, the group said it will generate positive underlying earnings before interest, tax, depreciation and amortisation of AUD$1.5mfor the period, in line with expectations and in contrast to the significant losses (AUD$11.4m) incurred in the first half of last year."With a substantial population, increasing disposable income, lack of off-price competition and high mobile penetration this region is well served by our strong branded sales offers and exceptional mobile capability," the company said in a trading update."The fact that our south-east Asia operation is seeing such strong growth in sales and margin is clear evidence that our strategy is working in this market.""South-east Asia represents a huge growth opportunity for our business. The board is confident the group is on track to meet its expectations for the financial year as a whole and we will continue to invest to drive growth.""The refocus on the core business instigated in early 2015 is also delivering good results in the United Kingdom where, following a refinement to our operations, we are seeing the first signs of encouraging growth and performance."