musicMagpie has returned to ‘normal levels of trading’ following the boost it enjoyed for FY ended 30 November 2020 it posted £153.3 million. For FY ended 30 November 2021, revenues came in at £145.5 million with adjusted pre-tax profits down by 14.4 per cent to £7.9 million.
During the year a sustainability partnership with Asda was launched and which will see musicMagpie SMARTDrop kiosks being sited in around 300 Asda stores from this month. These allow consumers to trade unwanted devices.
The group which is listed on AIM said that its new device rental subscription programme was performing well and had recruited 19,000 active subscribers by the end of February this year. It will now extend the scheme to cover tablets, MacBooks, games consoles and wearables.
musicMagpie CEO Steve Oliver said: “In the current uncertain climate for consumers, the benefits of buying and renting refurbished consumer technology products, whilst helping the environment, has never been more compelling. We are particularly pleased with the progress being made by our rental subscription service, which provides customers with a more affordable and flexible option than an outright purchase or pay-monthly contract.”
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