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Music Magpie sees revenues up 2.3% following IPO float

The figures come after Music Magpie announced plans for a £208m float on the London Stock Exchange in April - Raising £15m for the company

Music Magpie, an e-commerce retail business, saw its group revenues grow by 2.3% to £72.8m for the six months ending 31 May 2021. 

The store, which sells refurbished electronics and second-hand video games, also reported a pre-tax profit of £4m over the six months period- up from £3.3m last year.

In the UK, the group saw its revenues shoot up by 6.6%, which the company said was driven by a strong consumer demand to buy goods and services from brands with “strong ESG credentials”.

The figures come after Music Magpie announced plans for a £208m float on the London Stock Exchange in April – raising £15m for the company. 

In addition, Music Magpie has said it has benefited from other new initiatives it has launched. 

This includes a new smartphone rental subscription service, launched in October 2020 with over 7,500 subscriptions as of  31 May 2021. 

Steve Oliver, chief executive officer and co-founder of Music Magpie, said: “This has been a landmark period for Music Magpie, and we are very pleased with the performance of the business as it has adapted quickly to life as a public company.  

“We are seeing strong and growing demand for our unique circular economy model, as consumers continue to realise the benefits of buying and renting refurbished consumer technology products.”

He added: “In addition, there is a growing awareness of the rising problem of e-waste, as illustrated by the fantastic reaction to our ‘Mount Recyclemore’ sculpture at the recent G7 summit. 

“We are now seeing more people than ever before looking to recycle their old gadgets whilst freeing up cash and decluttering their lives in the process.  These trends, combined with the launch of our exciting new mobile phone rental subscription service, mean that we continue to have a high degree of confidence in the future prospects of Music Magpie.” 

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