Share Search
Visit the Share Search
MySale trades in line despite Covid-19 disruptions
29th Jul 2020 11:09
(Sharecast News) - Online retailer MySale traded in line with management expectations during the second half of its financial year, returning to positive underlying earnings in the final quarter despite the Covid-19 pandemic.
MySale said on Wednesday that revenues were projected to be AUD $131m (£72.51m), driven by a strong showing in the final quarter of its trading year.
The AIM-listed group also said it had made a "significant reduction" to its cost base - down from AUD $91m (£50.37m) in 2019 to AUD $49m (£27.12) just one year later.
Net cash was AUD $6.6m (£3.65m) and the group remained debt-free.
MySale said following the initial onset of the Covid-19 pandemic, it had experienced "significant and varied disruptions" to operations but noted all had been managed to ensure business continuity.
Chief executive Carl Jackson said: "Despite the disruption and challenging environment caused by the COVID-19 pandemic, we have continued to accelerate our 'ANZ First' strategy over the second half and are beginning to see the results of our decisive actions, achieving profitability for the first time in two years in the final quarter of the year.
"As a business, we are well-positioned to take advantage of the accelerated shift to online, serving our brand partners' needs as we focus on the off-price fashion and homeware categories. We have a very focused strategic direction, led by a dedicated and experienced management team, and look forward with confidence."
As of 1110 BST, MySale shares were up 3.60% at 5.75p.
MySale said on Wednesday that revenues were projected to be AUD $131m (£72.51m), driven by a strong showing in the final quarter of its trading year.
The AIM-listed group also said it had made a "significant reduction" to its cost base - down from AUD $91m (£50.37m) in 2019 to AUD $49m (£27.12) just one year later.
Net cash was AUD $6.6m (£3.65m) and the group remained debt-free.
MySale said following the initial onset of the Covid-19 pandemic, it had experienced "significant and varied disruptions" to operations but noted all had been managed to ensure business continuity.
Chief executive Carl Jackson said: "Despite the disruption and challenging environment caused by the COVID-19 pandemic, we have continued to accelerate our 'ANZ First' strategy over the second half and are beginning to see the results of our decisive actions, achieving profitability for the first time in two years in the final quarter of the year.
"As a business, we are well-positioned to take advantage of the accelerated shift to online, serving our brand partners' needs as we focus on the off-price fashion and homeware categories. We have a very focused strategic direction, led by a dedicated and experienced management team, and look forward with confidence."
As of 1110 BST, MySale shares were up 3.60% at 5.75p.