MusicMagpie FY revenues seen in line with expectations

7th Dec 2022 08:24

(Sharecast News) - Online retailer MusicMagpie said on Wednesday that its full-year financial performance had ended up in line with internal expectations.

MusicMagpie stated that following "cautious consumer behaviour" over the summer and early autumn, November saw increased activity - culminating in record sales during Black Friday week.

Full-year revenues were said to be £144.8m, broadly flat year-on-year, while underlying earnings were also said to be in line with management forecasts.

MusicMagpie also stated that its growing rental service had "a strong year-end", with active subscribers at 30 November up 27% since the halfway point of the year at 30,500.

"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," said MusicMagpie.

As of 0915 GMT, MusicMagpie shares were down 1.36% at 25.45p.

Reporting by Iain Gilbert at Sharecast.com