musicMagpie has issued a pre-close trading statement for its FY ended 30 November 2022. It says that it expects revenue to come in at £144.8m which is only slightly shy of the £145.5m achieved last year.
It had experienced a strong November despite consumer caution, with Black Friday demand particularly strong. Its rental service was growing well and had reached 30,500 subscribers and this arm of the business provides greater profitability albeit over time.
In a statement to the stock exchange, the business said: “Whilst cognisant of the challenging consumer environment and growing cost pressures on both businesses and the consumer, the board remains confident in the group’s strategy and in its medium-term prospects, underpinned by the growing and differentiated rental proposition.”
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