MySale H1 trading remains 'positive'
Mysale Group
2.25p
13:49 29/11/22
Online retailer MySale said on Friday that positive trading momentum continued in the first half of its trading year, with the group making "good progress" in executing its 'ANZ First' strategy.
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MySale said first-half group underlying earnings were trading ahead of management expectations at $2.5m, a marked turnaround from the $3.6m loss recorded in the previous year.
Group revenues were $63.3m, a 14% increase year-on-year, excluding discontinued channels, reflecting changes made to the company's operating model and increasing focus on its 'ANZ First' strategy and inventory light marketplace platform.
Gross margins also continued to improve, increasing to 37.9% from 34.0%.
Looking forward, the AIM-listed group did caution that while the impact of the Covid-19 pandemic in Australia and New Zealand had not been as severe as in other countries, the broader consumer and economic outlook still remained "uncertain".
Chief executive Carl Jackson said: "We have made excellent progress in the last six months and are beginning to see the benefits of our 'ANZ First' strategy come through.
"The board remains very confident about the group's attractive positioning as an off-price specialist, with a clear customer offering built around MySale Solutions."
As of 0915 GMT, MySale shares were up 7.08% at 9.48p.