MySale’s first half exceeds expectations
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Online retailer MySale has reported first-half trading ahead of management expectations after positive trading momentum continued. It said group EBITDA for the six-month period to 31 December 2020 is trading ahead of management expectations at A$2.5 million, an improvement of A$6,1 million from the A$3.6 million loss in the prior-year period.
Group revenues were A$63.3 million, up 14% on the prior-year period, excluding discontinued channels, reflecting the changes made to its operating model and the increased focus on its ‘ANZ First’ strategy and inventory light marketplace platform. Its cash balance on 31 December 2020 was A$15.8 million.
Chief executive Carl Jackson said: ‘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.’
Questions & Answers
Q.What is MySale's 'ANZ First' strategy?
What is MySale's 'ANZ First' strategy?
The article states the 'ANZ First' strategy is part of changes made to the operating model, indicating a focus on Australia and New Zealand. This approach, combined with an inventory light marketplace, contributed to increased revenues.
Q.How did MySale's revenue change compared to the previous year?
How did MySale's revenue change compared to the previous year?
Group revenues increased by 14% to A$63.3 million compared to the prior-year period. This growth excludes discontinued channels, reflecting recent changes to their operating model and strategy.
Q.What was the company's financial position regarding cash at the end of the reporting period?
What was the company's financial position regarding cash at the end of the reporting period?
MySale's cash balance stood at A$15.8 million as of 31 December 2020. This figure is reported alongside their first-half trading results, which exceeded management expectations.
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