13th Mar 2024 12:18
(Alliance News) - musicMagpie PLC on Wednesday reported a drop in annual revenue and a widened loss.
In the year ended November 30, the Stockport-based used-technology reseller reported that revenue fell by 6.0% to GBP136.6 million from GBP145.3 million a year earlier, widening its pretax loss to GBP6.8 million from GBP1.5 million.
More positively, musicMagpie said it ended the financial year with a "record" Black Friday.
It noted that its first quarter has recently closed and trading was in line with management expectations. The company said that this gives the board confidence for financial 2024 and for its medium-term prospects.
Chief Executive Officer & Co-Founder Steve Oliver said: "Having recently made changes to our US Consumer Technology buying strategy and operations, and implemented further cost savings in the UK, we believe that musicMagpie is well positioned for the remainder of the year.
"We expect second-use markets to continue to grow which will complement our strategy of unlocking a 'world of inventory' from consumers homes and providing them with a solution that is 'smart for you, smart for the planet' across of our existing product categories and potential new product categories."
Shares in musicMagpie were down 2.8% to 8.74 pence each in London on Wednesday afternoon.
By Sophie Rose, Alliance News senior reporter
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