Wider adoption of product recycling drives growth at Music Magpie
Tech resale site Music Magpie has seen a three per cent boost in revenue in the last six months, during a period in which it listed on London’s stock exchange.
For the six months ending 31 May the site saw revenue of £72.5m, up slightly on the previous six months’ £70.2.
Music Magpie’s adjusted EBITDA for the half year stood at £6.2m, up from £5.4m in H1.
The group said its growth was driven by more consumers adopting of circular economy models to recycle and reuse items.
It added that a growing number of consumers were interesting in buying from brands with strong ESG credentials.
Additionally, its new network service, launched in October 2020, has more than 7,500 subscriptions.
Music Magpie CEO Steve Oliver said: “We are pleased with the strong underlying momentum within the business as musicMagpie begins its life as a listed company.
“The performance in the period demonstrates that the business continued on its growth trajectory whilst we successfully completed our IPO in April.”
The group was trading up 2.7 per cent soon after the market open.