MusicMagpie trades in line with expectations

MusicMagpie said it traded in line with its expectations for the first half of the 2023 financial year, despite a difficult first quarter.

The consumer technology retailer said that trading from February 2023 onwards had been strong, delivering an improved second quarter which saw earnings (ebitda) of £2.8m. This was up by 42% compared to 2022.

MusicMagpie’s overall earnings for the “traditionally quiet” first half of the year were up 7.7% to £2.8m, in line with its expectations.

The retailer said that consumer technology revenue for the first six months of the year was £41.2m (2022: £46m), comprising two-thirds of total revenue. Sales of disc media and books continued to decline, falling from £25.3m in 2022 to £20.8m.

MusicMagpie has also extended its £30m revolving credit facility for another year, which will provide facilities until 2026.

Steve Oliver, chief executive officer & co-counder of MusicMagpie, said: “While we remain very mindful of the current tough consumer environment, the momentum in our business as we head into H2 means that we are confident of achieving our full year expectations.”