MySale Group PLC AGM Update (2544Y)

TIDMMYSL

RNS Number : 2544Y

MySale Group PLC

04 December 2017

4 December 2017

Annual General Meeting Update

MySale Group plc (AIM: MYSL) (the "group") the leading online retailer, is pleased to provide an update at its annual general meeting, to be held today, at which Iain McDonald, Non-Executive Chairman, will note;

"The current financial year has started well. Revenue growth has accelerated versus last year, gross margins are increasing and we continue to carefully control our cost base. This is delivering good growth in underlying profitability, in line with management's expectations.

"Our enhanced proprietary technology platform which was rolled out last year is, as anticipated, supporting all areas of the business to reach more customers and operate more efficiently. The Ourpay buy-now pay-later solution continues to grow its subscriber base at a pleasing rate and Identity Direct, the personalised goods business acquired last year, has integrated well.

'The group's plans for the year are ambitious and our recent partnerships, product verticals and technology platform enhancements are supporting these plans and gives the board confidence in the group's prospects for the full year."

Enquiries:

 
 MySale Group Plc 
                                      [phone] 
 Carl Jackson, Chief Executive         843 
                                      [phone] 
 Graeme Burns, Investor Relations      4516 
 
   Zeus Capital Limited (Nominated      [phone] 
   Adviser & Joint Broker)              5000 
 Giles Balleny, Corporate 
  Finance 
  Benjamin Robertson, Corporate 
  Broking 
 
                                        [phone] 
   N+1 Singer (Joint Broker)            3000 
 Mark Taylor, Corporate Finance 
 

About MySale Group

MySale is a leading international online retailer with established online flash-sales and retail websites in Australia, New Zealand, South-East Asia and the United Kingdom. Founded in 2007, the Group provides customers with access to outstanding brands and products at discounted prices whilst simultaneously providing brand partners unique international inventory and sales solutions.

The group provides a marketplace solution to brands by offering both retail and flash-sale websites. The flash sales websites host time limited sales in each of its territories. These flash sales are focused on fashion, apparel, health, beauty and homeware categories and are predominantly undertaken on a consignment inventory basis. The retail websites operate in Australia and New Zealand and focus on similar product categories using mostly drop-shipped inventory.

Customers' shopping experiences are enhanced by the group's deployment of leading edge technology to ensure personalised and localised product offerings. Customer convenience has been at the heart of the group's technology development since the earliest days and now mobile commerce is the group's main sales channel.

The group's online sales are supported by a robust and flexible network of in-house supply chain infrastructure and technology that enables MySale to offer products from around the world for sale and delivery to customers in each territory.

As a result of these exceptional capabilities in inventory management and international sales MySale has built an enviable portfolio of over 2,500 brand partners from whom products are sourced.

The group operates websites under a number of different brands all of which operate on a uniform technology platform and a single international logistics infrastructure.

The Group's flash sales brands are; OzSale and BuyInvite in Australia; NzSale in New Zealand; SingSale in Singapore; MySale in Australia, New Zealand Malaysia, Thailand, the Philippines, the United Kingdom and Hong Kong, and Cocosa in the United Kingdom, Australia and New Zealand; whilst the Group's retail websites are Deals Direct, OO.com and Top Buy in Australia and Identity Direct in Australia and New Zealand.

This information is provided by RNS

The company news service from the London Stock Exchange

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December 04, 2017 02:41 ET (07:41 GMT)