MySale Group PLC Half Year Trading Update (5340M)
January 22 2021 - 1:00AM
UK Regulatory
TIDMMYSL
RNS Number : 5340M
MySale Group PLC
22 January 2021
22 January 2021
MySale Group plc
(the "Company", "MySale" or the "Group")
Half Year Trading Update
First half ahead of expectations, confident of further progress
in H2
MySale (AIM: MYSL), a leading international online retailer,
today provides a trading update for the six-month period to 31
December 2020.
Positive trading momentum continued in the first half of our
financial year, with the Group making good progress in executing
its "ANZ First" strategy to simplify and refocus the business.
Group EBITDA for the half year is trading ahead of management
expectations at A$2.5m, an improvement of A$6,1m from the A$3.6m
loss in the prior year period. Group revenues were A$63.3m (a 14%
increase on the prior year period, excluding discontinued
channels), reflecting the changes made to the Group's operating
model and increasing focus on its " ANZ First" strategy and
inventory light marketplace platform. Gross margins have continued
to improve, increasing to 37.9% (FY20 H1 34.0%) with ongoing focus
on operating and overhead costs, allowing the business to deliver
strong operational leverage.
The Group cash balance at 31 December 2020 was A$15.8m and the
Group continues to operate on a debt free basis.
The Group has continued to make significant progress with its
operational KPIs, increasing the number of monthly new brand
partners during the period by 31%, underpinned by a 45% increase
from US, UK and European partners, and providing them with a
valuable counter seasonal platform solution.
Looking forward, whilst the impact of the COVID-19 pandemic in
ANZ has not been as severe as in other countries, the broader
consumer and economic outlook remains uncertain. Notwithstanding
this uncertainty, the Group has a robust balance sheet and is
operating on a cash generative and debt free basis, with a strong
underlying cash position. Furthermore, the Board is confident that
the Group will continue to make progress executing its strategy
over the second half of the year.
Carl Jackson, CEO of MySale, commented:
"We have made excellent progress in the last six months and are
beginning to see the benefits of our "ANZ First" strategy come
through. The Board remains very confident about the Group's
attractive positioning as an off-price specialist, with a clear
customer offering built around MYSALE Solutions.
We remain focussed on executing our strategy and scaling the
number of brand partners we work with on the platform, as well as
selectively increasing the amount of high margin, own stock
inventory by adopting a disciplined test and repeat strategy."
Update on AGM resolution 7
The Board notes that at the Group's AGM in December, resolution
7, relating to the authority to issue shares for cash on a
non-pre-emptive basis, did not pass the 75% threshold required for
a special resolution. The Board is committed to engaging with the
relevant shareholders to fully understand their perspective.
Enquiries :
MySale Group plc
Carl Jackson, Chief Executive Officer +61 (0) 414 817 843
Mats Weiss, Chief Financial and Operating Officer +61 (0) 403 810 762
N+1 Singer (Nominated Adviser and Joint Broker) +44 (0) 20 7496 3000
Mark Taylor
Justin McKeegan
Carlo Spingardi
Zeus Capital (Joint Broker)
Daniel Harris/Ben Burnett, Corporate Finance
John Goold, Corporate Broking +44 (0) 20 3829 5000
MHP Communications (Financial PR Adviser) +44 (0) 20 3128 8570
Simon Hockridge
Giles Robinson
Pete Lambie
About MySale
MySale is a leading international online retailer with
established retail websites in Australia, New Zealand and
South-East Asia. Founded in 2007, the Group provides customers with
access to outstanding brands and products at discounted prices
whilst simultaneously providing brand partners with unique
international inventory and sales solutions.
The Group operates an Inventory Light Marketplace Platform in
ANZ and SE Asia for domestic and international brands with MySale
Solutions providing three key service pillars: Technology,
Operations and Data. MySale's core product categories are
womenswear, menswear, footwear, sports, health & beauty,
homewares, technology and personalised gifts. Customers' shopping
experiences are enhanced by the Group's deployment of leading edge
technology to ensure personalised and localised product
offerings.
The Group operates 12 websites in five countries; OzSale,
BuyInvite, DealsDirect, OO, Top Buy and IdentityDirect in
Australia; NzSale, Buyinvite and IdentityDirect in New Zealand;
SingSale in Singapore, and MySale in Malaysia and Hong Kong.
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