19th Jan 2016 07:54
LONDON (Alliance News) - MySale Group PLC on Tuesday reported a swing to earnings in the first half of its financial year as it achieved revenue growth in each of the regions in which it operates, something it said it expects to continue at the same rate in the second half.
The online retailer, which delivers flash sales sites in Australia, New Zealand, South East Asia and the UK, said it made underlying earnings before interest, tax, depreciation and amortisation of AUD1.5 million in the six months to December 31, which is a AUD12.9 million improvement on the first half of the prior year during which it made a AUD11.4 million loss.
Revenue, meanwhile, grew 4% in the period, while gross profit increased 16% driven by a 250 basis points improvement in gross margin.
MySale said all of the territories in which it operates achieved increases in revenue and gross profit, with the most significant growth in South East Asia, where revenue grew by 8% year-on-year.
MySale said it expects the rate of sales and gross profit growth to continue into the second half of the year.
''We carry strong momentum into the second half of the year in all areas of our business and we have a platform which is capable of supporting a much bigger business. The fact that our South East Asian 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," Chief Executive Carl Jackson said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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