musicMagpie - Management optimistic about growth initiatives
musicMagpie’s (MMAG) headline H122 figures were well flagged in the June 2022 trading update, with profitability and cash flow driven by the changing business mix. Management is confident about recent growth initiatives: Rentals delivered strong subscriber growth despite limited marketing, SMARTDrop kiosks are bringing valuable new customers to MMAG and its partner (Asda), and offering products on new marketplaces (eg Back Market) as well as expansion of the offer available on Amazon UK (US to follow) expands the potential customer base. The appointment of an executive to focus on developing Magpie Circular (corporate recycling) should spur further growth. Our operational estimates are unchanged.
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