The AGM statement from musicMagpie plc, a circular economy pioneer specializing in refurbished consumer technology, disc media, and books in the UK and US, provides an update on the company's performance. The company reported a positive start to the new financial year following a record Black Friday period in November 2023, with subsequent Q2 trading in line with management's expectations. The US Consumer Technology operation has undergone changes to make the business a sourcing function for the UK, resulting in a regular supply of devices for sale. This strategy change, along with a competitive UK market, has led to lower Group revenues but a strong focus on profitability.
The Rental offering is being managed to balance the opportunity cost of immediate profits from an outright sale and the cash investment required in rented devices, with rental income slightly ahead of the same period in 2023. Sales of Disk Media and Books have declined modestly at predicted rates, and the company continues to manage this segment for cash, with robust gross margins. Net debt remains at similar levels to the same period in 2023.
The company recently introduced the strategy of unlocking a 'world of inventory' from people's homes and is expected to launch certain new product categories shortly. musicMagpie plc has been in an offer period since November 27, 2023, with ongoing discussions with interested parties. The Board is focused on improving profitability and remains confident in the company's medium-term prospects.
musicMagpie plc, operating through musicMagpie in the UK and decluttr in the US, has a strong environmental and social focus, with a trademarked 'smart for you, smart for the planet' ethos. The company has been recognized for its contribution to the global green economy and has a strong presence in both the UK and the US. It offers consumers a sustainable and trusted way to buy, rent, and sell refurbished consumer technology and physical media products. The company has received accolades for its environmental contributions and customer service, with a high number of positive seller reviews and ratings on various platforms.
The company's approach to sustainability, its strategic changes, and ongoing efforts position musicMagpie well for the future, as it continues to focus on improving profitability and contributing to the circular economy.
For further information, the company's contacts are provided at the end of the statement.