MySale Group plc (LON:MYSL), the leading international online retailer, today announced its unaudited interim results for the six months to 31 December 2020.
Carl Jackson, Chief Executive Officer of MySale Group, commented:
“We have made excellent progress in the last six months reflected by the successful ongoing execution of our ANZ First Strategy, which is flowing through into the financial results.
“We have returned the business to profitability, with Group EBITDA for the half year trading ahead of management expectations at A$2.5m, an improvement of A$5.6m from the A$3.1m loss in the prior year period, with full year Group EBITDA expectations now significantly ahead of market expectations.”
Financial Overview
· Group Total Revenue decreased by 11% to A$63.8m (H1 FY20: A$71.9m)
· Core Revenue* for H1 up 15% to A$61.3m (H1 FY20: A$52.1m)
· Group cost base reduced by 21% to A$21.7m (H1 FY20: A$27.4m)
· Net cash balance of A$15.8m (H1 FY20: A$7.3m)
· Return to profitability with EBITDA of A$2.5m (H1 FY20: A$3.1m loss), ahead of management expectations
Operational Overview
· Continued improvement in gross margin to 38% (H1 FY20: 34%), driven by better quality revenues and cost base reductions
· Successful scaling of own stock channel, now representing 11% of Core Revenue
· A$9.3m investment from entities associated with the founders and former CEO of Catch.com.au
Current trading and outlook
· Current trading has continued to be profitable with Group EBITDA expected to be significantly ahead of expectations
*Core Revenue: All Group revenues excluding revenue from legacy inventory
