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 categories and the historical H2 weighting of the business. MMAG remains in the offer period as numerous discussions with interested parties are ongoing.
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01 Jul 2024
musicMagpie - Strategically positioning for profitability
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musicMagpie - Strategically positioning for profitability
musicMagpie plc (MMAG:LON) | 6.5 0 0.0% | Mkt Cap: 7.01m
- Published:
01 Jul 2024 -
Author:
Milo Bussell -
Pages:
2 -
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 categories and the historical H2 weighting of the business. MMAG remains in the offer period as numerous discussions with interested parties are ongoing.