MySale Group PLC Pre-close Trading Update (9582Z)

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RNS Number : 9582Z

MySale Group PLC

16 January 2020

16 January 2020

MySale Group plc

(the "Company", "MySale" or the "Group")

Pre-close Trading Update

MySale (AIM: MYSL), a leading international online retailer, today provides a trading update for the six months to 31 December 2019.

Highlights:

-- Revenue of $71.9m in line with management expectations as the Group transitions to an Inventory Light Marketplace Platform

   --      Underlying EBITDA loss of $3.6m 
   --      Net cash of $7.2m Debt Free 
   --      170 brand partners relaunched on the Group's marketplace platform 

The Group continues to trade in line with management expectations, building on the important steps taken to simplify, reorganise and recapitalise the business last year. This has involved a restructure of the supply chain and relaunching brand partners on the Group's Inventory-Light Marketplace Platform, where they can benefit from MySale's counter seasonal proposition.

Following the decisive actions taken by management in 2019, the Group now operates on a debt-free basis, with a net cash balance of $7.2m at period end. The Board continues to closely monitor the Group's cost base, with further opportunities identified in the second half

Carl Jackson, CEO of MySale, commented:

"Having taken some critical steps last year to restructure the Group for the future, we're pleased to see our counter-seasonal offering beginning to resonate with a number of our brand partners who have relaunched on our marketplace platform over the last six months.

"We will continue to drive this momentum in ANZ, with our inventory light marketplace , through our new organisational structure and simplified business model, and will look to deliver further progress over the second half."

Enquiries:

 
 MySale Group plc 
 Carl Jackson, Chief Executive Officer        [phone] 
 
 N+1 Singer (Nominated Adviser and Broker)    [phone] 
 Mark Taylor 
  Justin McKeegan 
  Carlo Spingardi 
 
 MHP Communications (Financial PR Adviser)    [phone] 
 Simon Hockridge 
  Giles Robinson 
  Pete Lambie 
 

About MySale

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

The Group operates an Inventory Light Marketplace Platform in ANZ and SE Asia for domestic and international brands and offers a number of solutions for brands including Just in Time [JIT] Fulfilment By Mysale [FBM] and Drop Ship [DS].

MySale's core product categories are womenswear, menswear, footwear, sports, health & beauty, homewares, technology and personalised gifts. Customers' shopping experiences are enhanced by the Group's deployment of leading edge technology to ensure personalised and localised product offerings.

The Group operates 12 websites in five countries; OzSale, BuyInvite, DealsDirect, OO, Top Buy and IdentityDirect in Australia; NzSale, Buyinvite and IdentityDirect in New Zealand; SingSale in Singapore, and MySale in Malaysia and Hong Kong.

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January 16, 2020 02:00 ET (07:00 GMT)