Mysale Group PLC (LON:MYSL) (”the Group”), the leading international online retailer, today announced its unaudited interim results for the six months to 31 December 2017 (H1 FY18).
Financial Highlights
|
Six months to 31 December (A$ million) |
H1 FY18 |
|
H1 FY17 |
|
Change |
|
|
|
|
|
|
|
|
|
|
Revenue |
151.9 |
|
136.7 |
|
+11% |
|
|
Gross Profit |
45.6 |
|
38.4 |
|
+19% |
|
|
Gross Margin |
30.1% |
|
28.1% |
|
+200 bp |
|
|
Underlying1 EBITDA |
5.5 |
|
3.0 |
|
+80% |
|
|
Underlying profit before tax |
2.3 |
|
0.6 |
|
+266% |
|
|
Reported loss before tax |
(0.1) |
|
(1.3) |
|
|
|
|
Underlying basic earnings per share (cents) |
2.0 |
|
1.1 |
|
+82% |
|
Financial Highlights
· Underlying EBITDA1 grew 80% to a record A$5.5 million (H1 FY17: A$3.0 million)
· Gross Profit increased 19% to c. A$45.6 million (H1 FY17: A$38.4 million)
· Gross Margin increased 200 bps to 30.1% (H1 FY17: 28.1%)
· Revenue increased 11% to c. A$151.9 million (H1 FY17: A$136.7 million
Technology highlights
· Accelerated investment into our data-driven proprietary technology platform
· Merchandising & planning updates now delivering sales, margin and operational benefits
· Increasing uptake of Ourpay proprietary ‘buy-now, pay-later’ payments system by customers
· Launch of Ourpay Select, subscription delivery service, enhancing customer proposition
· Mobile activity continues to grow and represented 60% of orders
· Cumulative app downloads have reached 7.5 million
Operational highlights
· Active customer base increase of 12% to 1.0 million
· Continued focus on activating customers with higher lifetime-value
o Average order value stable at A$87
o Steady average order frequency per customer of 3.3x
· Strategic plan to increase own-buy inventory continues to 20% of online revenue
· Further brand partnerships result in over 700,000 SKUs2 online
· Endless Aisle now accounts for c. 10% of online revenue
· Identity Direct initial phase integration completed
· Product returns rate remains at industry-leading level of just 5%
[1] Underlying EBITDA: earnings before interest, taxation, depreciation and amortisation and before non-recurring and certain non-cash items
2 Stock Keeping Units
Carl Jackson, Chief Executive Officer, commented: “We are very pleased to be reporting a record first half performance with growth in underlying EBITDA of 80 percent underpinned by double digit online revenue growth and improved gross margins, our sixth consecutive half of gross margin gains. This strong performance has been driven by our technology platform, which continues to enhance both our customer offer and relationships with our global brand partners.
Our growth strategy remains focused on harnessing our proprietary platform to scale up our proposition globally. We have made significant progress over the half, particularly in increasing our product range whilst further developing our proprietary financial services and subscription delivery propositions, Ourpay and Ourpay Select.
It has been a great start to the new financial year and we approach the second half with confidence, with an exciting range of strategic opportunities ahead.”
