Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

MusicMagpie turns corner from postal strike misery with earnings boost

by June 19, 2023
June 19, 2023
MusicMagpie turns corner from postal strike misery with earnings boost

MusicMagpie reported its earnings rebounded after a post-February rally helped the tech retailer shake off the impact of postal strikes and low consumer confidence.

Underlying earnings shot up 42 per cent to £2m in the second quarter, with the Stockport headquartered firm seeing pre-tax earnings rise 7.7 per cent over the entire period, dented by struggles in December and January.

MusicMagpie – an online retailer specialising in consumer tech and disc media – did however report a dip in revenue in both its key disc and consumer tech segments, down £4.8m and £4.5m respectively as it focussed “on cost control and increasing gross margins rather than growing revenues.”

Steve Oliver, chief executive officer and co-founder of MusicMagpie, said: “We are pleased with our performance in what is always the seasonally quieter half of the year for musicMagpie. It is especially gratifying to see that our profit improvement has been driven by an increased margin.”

“This has been achieved both by focusing on higher margin sales through our own musicMagpie online store, as well as the continued strong growth of our rental offering. While we remain very mindful of the current tough consumer environment, the momentum in our business as we head into H2 means that we are confident of achieving our full year expectations.”

It comes following a tough start to the year for the used-technology reseller, who said in March that Royal Mail postal strikes had dented its outlook for 2023, despite it narrowing losses.

The dispute between the Communication Workers Union (CWU) and Royal Mail saw the companies’ biggest ever walk-out earlier in the year, with the further walk-outs expected.

Low consumer confidence due to ongoing macroeconomic uncertainty and inflation also held the firm’s full year outlook back in March, however resistant demand for its consumer tech section saw customers to the that segment rise to 39,000, up from 24,000 in May 2022.

Read more:
MusicMagpie turns corner from postal strike misery with earnings boost

0
FacebookTwitterGoogle +Pinterest
previous post
Midlands hit hardest in economic ‘perfect storm’
next post
Government help for mortgage holders is being help ‘under review’, says Michael Gove

You may also like

Skin.Club is making a real breakthrough in the...

December 9, 2024

Top Labour donor Dale Vince says rich fleeing...

October 29, 2024

Landlords rush to sell amid fears of capital...

September 5, 2024

UK steel industry in crisis after lack of...

March 20, 2023

Stellar Repair for QuickBooks Review 2024

May 20, 2024

The UK continues to sell arms to Qatar...

March 1, 2024

North east outstrips South as UK’s pay rise...

January 17, 2025

Britishvolt in rescue talks to save gigafactory project

January 10, 2023

Rupert Murdoch’s Fox Corporation launches Tubi to challenge...

July 2, 2024

Secrets of Success: David Hart, CEO, RBH Hospitality...

February 9, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved