musicMagpie - Diverging trends in H221
musicMagpie’s (MMAG) trading update for the year ended November 2021 is encouraging given the differing revenue trends of the individual business lines and the changes in mix, namely, a greater contribution from Technology, which has a higher cash profit but lower percentage margin. Technology was better than expected, with an acceleration in revenue growth in H221 despite the likely dampening effect from the substitutional impact of lower one-off revenue in the short term as MMAG builds a recurring revenue base from smartphone rentals, which appears to have good momentum. Conversely, revenue from higher-margin Media and Books were lower than expected.
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