musicMagpie

musicMagpie (AIM: MMAG)

Currency in GBP

Last close As at 21/09/2023

GBP0.18

▲ 0.25 (1.45%)

Market capitalisation

GBP19m

Overview
Price performance
Financials
Research
Thematics

musicMagpie is a circular economy pioneer in refurbished consumer technology and media in the UK and United States. It is expanding its offer into rentals of smartphones and other technology to consumers and corporates, and widening its sourcing infrastructure.

The markets for pre-owned products in musicMagpie’s core categories in the UK and United States were worth £9bn in FY20, of which the UK was £1.6bn and the United States was £7.1bn (source: musicMagpie’s admission document). According to independent third-party research commissioned by management, medium-term annual market growth rates for the product categories were forecast to be Technology 15%, Books stable/low growth and Media negative 5–10%.

Latest Insights

Consumer |
Outlook

25.07.23

musicMagpie — heretoHelp

Consumer |
edison tv

14.07.23

musicMagpie – executive interview

Consumer |
Update

19.06.23

musicMagpie — Margins improving despite volatile trading

Consumer |
edison tv

16.03.23

musicMagpie – executive interview

Visit Website

Sector

Consumer

Equity Analyst

Russell Pointon

Director, Consumer

Key Management

Ian Storey

COO
Matthew Fowler

CFO
Steve Oliver

CEO

Balance Sheet

Forecast net debt (£m)

14.5

Forecast gearing ratio (%)

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	0.0	(5.4)	(36.4)
Relative	(4.7)	(5.8)	(39.1)
52 week high/low	44.6p/8.9p

Financials

musicMagpie’s H123 results highlighted management’s focus on higher margin sales, leading to a gross margin improvement of 3.1pp y-o-y to 29.7% despite a 13% fall in total revenue. Margin gains came from a higher proportion of sales made through MMAG’s proprietary website, greater sourcing of product direct from consumers and the continued expansion of the Rental business. Cost savings further down the P&L translated to c 8% EBITDA growth. Our EBITDA forecasts for FY23 and FY24 were unchanged following the publication of the results.