musicMagpie PLC's (AIM:MMAG) revenues and profits have declined as the group, which resells used mobile phones, tablets, as well as books and CDs, returned to normal trading levels following the pandemic.
The online retailer reported a 5.1% decline in revenues to £145.5mln for the year to November 30, 2021.
The company said it had a lower turnover than the previous year's £153.3mln, which had been boosted by consumer spending during the pandemic.
It reported adjusted pre-tax profits of £7.9mln, a decrease of 14.4%, while adjusted EBITDA of £12.2mln was lower than last year's $13.9mln, as expected and due to business 'normalisation' in FY21, the company said.
musicMagpie's CEO hailed the re-commerce business' 'landmark year' despite a decline in revenue and EBITDA.
Co-founder Steve Oliver said the firm had "delivered strong operational and strategic progress in our first year as a listed company".
FY21 ended strongly with record sales in the UK and US during the Black Friday period across the business, the company said, adding as the first quarter of FY22 progressed, however, volumes and trade-in activity levels moderated in line with consumer trends.
"During the year, we gave a 'second-life' to over 400,000 technology products, as well as 2,500 tonnes of disc media and books. This helped to save over 50,000 tonnes of CO2, which is the equivalent to providing heating for over 18,000 homes," ceo Oliver added.
By February 28, 19,000 active paying subscribers had signed up for the group's new device rental subscription service, launched in October 2020, after the group joined AIM last April.
Around 15% of outbound consumer tech volumes on musicMagpie store are now rental sales versus 4% in 2021.
The success of its rental proposition led it to expand to new product categories like tablets, gaming consoles, MacBooks, and wearables.
The company also announced a sustainability partnership with Asda, which will expand musicMagpie's SMARTDrop kiosks to 300 Asda stores starting this month.