The CEO of musicMagpie has hailed a ‘landmark year’ at the re-commerce business despite a fall in revenues and EBITDA.
Co-founder Steve Oliver, who led the Stockport-headquartered firm through an IPO in London last year, said it had “delivered strong operational and strategic progress in our first year as a listed company”.
Revenues for the group in the year ended 30th November 2021 were £145.5 million, down 5.1% from FY2020 levels, with EBITDA of £12.2m, down from £13.9m in FY2020.
The firm said this was in line with management expectations as a result of business ‘normalisation’ in FY21 following the first year of the pandemic.
musicMagpie had seen a leap in revenues from £131.5m in FY2019 to £153.3m in FY2020, while EBITDA in FY2019 was just £4.6m.
“This has been a landmark year in the history of musicMagpie, and I am hugely proud of everything that the business has achieved,” said Oliver.
“During the year, we gave a ‘second-life’ to over 400,000 technology products, as well as 2,500 tonnes of disc media and books. This helped to save over 50,000 tonnes of CO2, which is the equivalent to providing heating for over 18,000 homes.”
The firm pointed to strong progress in its rental subscription service and said this would be a major focus in the coming year.
Launched in October 2020, it has 19,000 active paying subscribers as of the end of February 2022. It has now expanded its range from smartphones and into tablets, games consoles, MacBooks and wearables.
musicMagpie also launched a sustainability partnership with Asda, including a projected roll-out expansion of its SMARTDrop kiosks to nearly 300 stores.
The existing kiosks have enabled more than 8,000 devices to be traded to date, paying out more than £2.3m to consumers.