MySale Group PLC (LON:MYSL) the leading online retailer, has today provided a trading update for the twelve months to 30 June 2017 ahead of the publication of the group’s Preliminary Results on 26 September 2017.
During the year financial performance improved significantly and there was excellent progress against the group’s strategic goals.
Highlights
Financial
· Online1 revenue grew by 10%, to A$240 million, driven by the growing active customer base
· Gross profit increased 14% to A$76 million, as gross margins increased 190bp, with an accelerating rate across the second half
· Underlying2 EBITDA increased, for the fourth successive half year, by 58% to approximately A$8.7 million
Strategic
· Partnership with www.gilt.com launched and progressing as planned
· New partnership, with a global online retailer, started in test phase, which will open a strong inventory pipeline and expand product selection
· Integration of Identity Direct, acquired in Q4, progressing well and performing in line with expectations
Outlook
· Board confident in prospects for the current year, to 30 June 2018, with revenue growth of 15-20% anticipated and underlying EBITDA in line with market forecasts of A$11.5 – 11.8 million
Carl Jackson, Chief Executive Officer commented:
We are very pleased with the group’s progress during the year and the improved financial performance, which delivered significantly increased underlying EBITDA, in line with market forecasts. Sustained focus on our strategic goals has delivered another year of growing revenue and, more importantly, increasing profitability.’The momentum carried into FY18 is strong and we have a number of exciting strategic initiatives that will support the continued growth in revenue and profitability.
Our new partnership with another global online retailer is an endorsement of the strength and quality of our international platform and demonstrates further progress in our strategy of working with global brands and retailers.
1 Online: the group’s online web-based retail activities (A$240 million of total group revenue A$268 million)
2 Underlying EBITDA: earnings before interest, taxation, depreciation and amortisation and before non-recurring and certain non-cash items
All figures subject to audit
