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MySale revenues jump; adds new chairman

Published: 11:54 27 Jul 2015 BST

GLOBETROTTER---Laura-Ashley_opt
MySale holds flash sales sites in Australia, New Zealand, south-east Asia and the UK

Fashion website MySale (LON:MYSL) expects to return to profitability this year after revenues rose in the second half of last year.

In the year to the end of June, the fashion web site backed by Top Shop supremo Sir Philip Green and Sports Direct's Mike Ashley, saw revenue climb 5% to A$235mln.

It added that it expected underlying earnings [EBITDA] to at least break even for the second half, after it reduced costs and improved margins.

Carl Jackson, chief executive, said: “The last 18 months have been exceptionally busy for the group and in some respects quite challenging but we look to the future with renewed confidence; the momentum of restoring profitability continues into the current year and in the long term we shall benefit from the strong foundations we have laid."  

In December, the company lost more than half its value after it issued a profit warning but expected a better second half after taking action, including job cutting, to address the problems.

Shares rose 11.35 to 44.5p today.

The business, run by bothers Jamie and Carl Jackson, has agreements with over 2,500 brands and retailers who sell surplus or out-of-season stock on its web sites.

It also added that it hired William Currie Group partner Iain McDonald as non-executive director.

Carl Jackson said: “We are delighted that Iain McDonald has joined as chairman bringing a wealth of online retail and significant UK capital markets experience."

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