musicMagpie PLC (AIM:MMAG) has reported record Black Friday sales as it updated investors on trading.
Overall, the second-hand DVDs, CDs and electronic goods marketplace said that its financial performance for the full-year was in line with its expectations but it said November had seen increased activity compared to the cautious consumer behaviour over the summer and early autumn “culminating in record sales during Black Friday week.”
Full-year revenue will be £144.8mln, the company said, little changed on last year’s £145.5mln, while EBITDA will be in line with management's expectations.
Rental services had a strong end to the year which provides a higher margin and significantly greater profitability to the group, it added.
Active subscribers as of 30 November 2022 were 30,500, up 27% since 31 May 2022 and the group has launched a 24-month contract option this month and expects this expansion of the offering to help drive growth into the new financial year.
With strong trading in November, net debt on 30 November 2022 was £8.2mln, better than management's prior expectations.