# MySale Group sees a return to profitability

- Link: https://www.directorstalkinterviews.com/mysale-group-sees-a-return-to-profitability/412972037
- Published: 2021-03-30T07:21:57+01:00
- Author: Giles

**MySale Group plc** (LON:MYSL), the leading international online retailer, today
announced its unaudited interim results for the six months to 31 December 2020.

> **Carl Jackson, Chief Executive Officer of MySale Group, commented**:
> “We have made excellent progress in the last six months reflected by the successful
> ongoing execution of our ANZ First Strategy, which is flowing through into the
> financial results.
> “We have returned the business to profitability, with Group EBITDA for the half
> year trading ahead of management expectations at A$2.5m, an improvement of A$5.6m
> from the A$3.1m loss in the prior year period, with full year Group EBITDA expectations
> now significantly ahead of market expectations.”

**Financial Overview**

·    Group Total Revenue decreased by 11% to A$63.8m (H1 FY20: A$71.9m)

·    Core Revenue* for H1 up 15% to A$61.3m (H1 FY20: A$52.1m)

·      Group cost base reduced by 21% to A$21.7m (H1 FY20: A$27.4m)

·      Net cash balance of A$15.8m (H1 FY20: A$7.3m)

·      Return to profitability with EBITDA of A$2.5m (H1 FY20: A$3.1m loss), ahead
of management expectations

**Operational Overview**

·      Continued improvement in gross margin to 38% (H1 FY20: 34%), driven by better
quality revenues and cost base reductions

·      Successful scaling of own stock channel, now representing 11% of Core Revenue

·      A$9.3m investment from entities associated with the founders and former CEO
of Catch.com.au

**Current trading and outlook**

·      Current trading has continued to be profitable with Group EBITDA expected
to be significantly ahead of expectations

_*Core Revenue: All Group revenues excluding revenue from legacy inventory _

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