MySale Group PLC – Pre-close Trading Update

MySale Group PLC – Pre-close Trading Update

MySale (AIM: MYSL), a leading international online retailer, today provides a trading update for the six months to 31 December 2019.

Highlights:

·     Revenue of $71.9m in line with management expectations as the Group transitions to an Inventory Light Marketplace Platform

·      Underlying EBITDA loss of $3.6m

·      Net cash of $7.2m Debt Free

·      170 brand partners relaunched on the Group’s marketplace platform

The Group continues to trade in line with management expectations, building on the important steps taken to simplify, reorganise and recapitalise the business last year. This has involved a restructure of the supply chain and relaunching brand partners on the Group’s Inventory-Light Marketplace Platform, where they can benefit from MySale’s counter seasonal proposition.  

Following the decisive actions taken by management in 2019, the Group now operates on a debt-free basis, with a net cash balance of $7.2m at period end. The Board continues to closely monitor the Group’s cost base, with further opportunities identified in the second half

Carl Jackson, CEO of MySale, commented:

“Having taken some critical steps last year to restructure the Group for the future, we’re pleased to see our counter-seasonal offering beginning to resonate with a number of our brand partners who have relaunched on our marketplace platform over the last six months.

“We will continue to drive this momentum in ANZ, with our inventory light marketplace , through our new organisational structure and simplified business model, and will look to deliver further progress over the second half.”

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