musicMagpie 1H Pretax Loss Widened as Revenue Fell

By Anthony O. Goriainoff

MusicMagpie said Thursday its pretax loss widened for the first half of fiscal 2023 as revenue fell, and that current conditions remain challenging due to prevailing macroeconomic factors.

The London-listed online retailer, which specializes in buying and selling consumer technology, said the strong momentum seen in the second quarter has carried on to the early part of the third quarter. This momentum–alongside a focus on gross margin as well as cost savings–meant it was confident of meeting its full-year expectations, the board said.
For the six months ended May 31 pretax loss was 3.2 million pounds ($4.2 million) compared with a pretax loss of GBP1 million for the first half of fiscal 2022, it said.
Revenue fell to GBP61.9 million from GBP71.3 million in the same period the year before. The company said revenue in its consumer technology division–which makes up around two thirds of its revenue, fell to GBP41.1 million from GBP46 million in the year-prior period.
“Despite the tough consumer environment, we expect consumers to increasingly look to the refurbished tech market and are confident that the business has the right strategy in place for future profit growth,” it said.
Shares at 0725 GMT were down 1.25 pence, or 6.7%, at 17.50 pence.
Write to Anthony O. Goriainoff at [email protected]