Edison Investment Research - MUSICMAGPIE PLC (MMAG) musicMagpie - Margins improving despite volatile trading

Report

Edison Investment Research

Kate Heseltine

musicMagpie - Margins improving despite volatile trading

musicMagpie’s (MMAG) trading update for the six months to 31 May 2023 indicates that trading improved in Q2 following a weaker Q1, which was affected by postal strikes and low UK consumer confidence. Management’s focus on higher margin customers and cost savings achieved in the first half resulted in year-on-year EBITDA growth of 7.7%, despite a 13% decline in revenue. We have lowered our FY23 and FY24 revenue estimates by 13% and 16% and EBITDA estimates by 11% and 8% respectively.

19/06/2023 1 EN

Underlying

MUSICMAGPIE PLC

See profile

GB00BKY4XG48 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

See profile

Analysts

Kate Heseltine

Other Reports on these Companies

Edison Investment Research

musicMagpie - Termination of coverage

Edison Investment Research is terminating coverage on musicMagpie (MMAG). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

March 5, 2025 March 5, 2025 1 EN

Edison Investment Research

musicMagpie - Strategically positioning for profitability

musicMagpie’s (MMAG’s) H124 results reflected several strategic decisions taken by the management team to improve profitability and cash generation. The decision to make the US a sourcing-only geography to benefit margins had a notable impact on revenues, with US revenues declining by more than half. Despite the double-digit decline in group revenue, the adjusted EBITDA margin remained relatively stable at 4.4% (H123: 4.5%), reflecting the focus on profitability. The outlook remains challenging, but management is encouraged by the progress made on right-sizing the cost base, the entry into new...

July 1, 2024 July 1, 2024 1 EN

Edison Investment Research

musicMagpie - Focus on profits and cash in FY23

musicMagpie’s (MMAG’s) FY23 results demonstrated a resilient H2 performance, including a record Black Friday period. Multiple management initiatives, including a strategy to aid lower buying prices, with a focus on selling through channels with a targeted return and cost reductions, helped to improve profitability. EBITDA was up 15.4% to £7.5m, a 100bp improvement in the margin to 5.5%. The improvement in profitability resulted in a reduction in leverage to 1.7x net debt/EBITDA. MMAG remains in the offer period until further notice.

March 15, 2024 March 15, 2024 1 EN

musicMagpie - Termination of coverage

March 5, 2025 March 5, 2025 1 EN

Kate Heseltine

Kate Heseltine

Topps Tiles - Accelerating growth through Q125

Topps Tiles (TPT) is enjoying a return to revenue growth following a very challenging FY24 due to wider macroeconomic weakness. The company’s recovery is clearly being boosted by new revenue streams from its self-help initiatives, notably from trade and online customers across all of its brands. While the macroeconomic environment remains uncertain, it is pleasing that the strategy is supporting growth. The valuation continues to look compelling, even with limited macroeconomic recovery included in management’s long-term financial goals. With the Q125 trading update, the CEO has announced his ...

January 10, 2025 January 10, 2025 1 EN

Pedro Fonseca

Pedro Fonseca

Baillie Gifford US Growth Trust - A unique high-growth strategy meriting support

Baillie Gifford US Growth Trust (USA) invests in exceptional US businesses with the potential to grow substantially faster than the market and deliver above-market returns. Such businesses tend to operate at the cutting edge of technology-led change and USA has exposure to companies focused on AI, space travel and online services. This note reiterates USA’s unique investment proposition and scrutinises a recent proposal from Saba, a US hedge fund manager, aimed at ousting USA’s board and replacing its investment managers. Saba currently owns less than 28% of USA shares in issue. The trust’s bo...

January 10, 2025 January 10, 2025 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

musicMagpie - Margins improving despite volatile trading

musicMagpie - Termination of coverage

musicMagpie - Strategically positioning for profitability

musicMagpie - Focus on profits and cash in FY23

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

Baillie Gifford US Growth Trust - A unique high-growth strategy meriting support

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe