musicMagpie - Focus on profits and cash in FY23

musicMagpie's (MMAG's) FY23 results demonstrated a resilient H2 performance, including a record Black Friday period. Multiple management initiatives, including a strategy to aid lower buying prices, with a focus on selling through channels with a targeted return and cost reductions, helped to improve profitability. EBITDA was up 15.4% to £7.5m, a 100bp improvement in the margin to 5.5%. The improvement in profitability resulted in a reduction in leverage to 1.7x net debt/EBITDA. MMAG remains in the offer period until further notice.

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