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musicMagpie PLC - Stockport, England-based used-technology reseller - Notes a ‘resilient’ revenue performance in the six months ended May 31, despite economic headwinds hurting the consumer sector. Revenue totals £71.3 million in the period, down marginally from £72.8 million a year previous. Sales from the Consumer Technology products division - which accounts for two-thirds of group revenue - are up 16% year-on-year. Sales from the Disk Media & Books division however drop 24% against the prior year, though it notes the comparison period was benefited from increased sales during Covid lockdowns.
Chief Executive & Co-Founder Steve Oliver says: ‘Whilst recognising we are in the early stages of our second half, our sales channel expansion has started well, and we are confident about our short term growth and remain excited about our medium-term prospects.’
The company will announce its full interim results on July 27.
Current stock price: 51.25 pence, untraded on Thursday in London
12-month change: down 73%
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