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.

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