musicMagpie has shared its interim results for the six months to 31st May, ’23. Having suffered a poor Q1 attributed to postal strikes along with dampened consumer confidence, trading performance recovered from February. Whilst it did not reach the previous year’s total of £71.3m, coming in at £61.9m, adjusted EBITDA had risen by 7.7 per cent to £2.8m.
Steve Oliver, chief executive, musicMagpie said: “After a challenging first quarter, I am pleased with the performance of the business during Q2 and the momentum that has been carried over into H2, which is traditionally the seasonally more important half for musicMagpie.
“Looking ahead, we have a clear plan for our rental business and for our enhanced BNPL offering, which should drive sales and make our offering even more attractive to consumers looking to save cash.”
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