Edison Investment Research - MUSICMAGPIE PLC (MMAG) musicMagpie - Record Black Friday and improving profitability

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Edison Investment Research

Kate Heseltine

musicMagpie - Record Black Friday and improving profitability

musicMagpie’s (MMAG’s) FY23 trading statement to 30 November 2023 demonstrates good progress made in the second half, which was helped by record Black Friday sales, following a challenging H1. Management’s focus on cost control and higher-quality rental customers resulted in an improvement in profitability, with a 150bp expansion in gross margin and 15.4% EBITDA growth. This enabled a reduction in net debt and a lower net debt/EBITDA leverage at 1.7x (H123: 2.0x). MMAG remains in the offer period until 18 December.

15/12/2023 1 EN

Underlying

MUSICMAGPIE PLC

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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.

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Analysts

Kate Heseltine

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musicMagpie - Record Black Friday and improving profitability

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

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