21st Jul 2016 07:30
LONDON (Alliance News) - MySale Group PLC Thursday said revenue and earnings have come in higher than expected for the full year after the international online retailer reported strong growth in the second half as sales increased across all of its operating regions.
MySale shares were trading 8.1% higher on Thursday morning at 74.60 pence per share.
Revenue for the year has grown by 7.0%, driven by a strong second half performance that delivered a 10% revenue rise, to AUD252.0 million compared to the AUD235.0 million generated last year and also ahead of market expectations.
As a result, underlying earnings before interest, tax, depreciation and amortisation has come in 6.4% higher than expected, totalling AUD5.0 million compared to the consensus of AUD4.7 million.
More importantly, underlying Ebitda has moved from a substantial AUD11.2 million loss in the previous financial year.
MySale said revenue grew across all of its territories in the year but noted particular strength in the UK, where revenue more than doubled, and in Asia where revenue was up 20% year-on-year. Gross profit was also better, rising 21% in the year, after an improved margin helped to maximise the benefit from higher revenue.
Cash at the end of June stood at AUD34.0 million, rising from AUD30.0 million last year.
"In the second half of the financial year the group continued its good progress. The active customer base returned to growth, core customer metrics remained robust, average order value increased and both revenue growth and margin improvement accelerated in the second half of the year, delivering full year performance ahead of expectations, despite some currency headwinds during the year," said the company.
By Joshua Warner; [email protected]; @JoshAlliance
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