MySale Group reports strong profit and revenue growth
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MySale Group in its trading update for the six months to December 31, 2015 said that the company witnessed a positive first half with underlying EBITDA of 1.5 million Australian dollars (1 million dollars); a 12.9 million Australian dollars (8.8 million dollars) improvement on last year’s first half. Overall revenues increased 4 percent and gross profit increased 16 percent driven by 250bp margin improvement.
“We have had a good start to FY16. In the first half we have seen improved trading in all our territories which is testimony to the focus and hard work of all our teams over the last 12 months,” said Carl Jackson, Chief Executive Officer of the company, adding, “We carry strong momentum into the second half of the year in all areas of our business and we have a platform which is capable of supporting a much bigger business. The fact that our South-East Asian operation is seeing such strong growth in sales and margin is clear evidence that our strategy is working in this market.”
All geographies support growth momentum
The company said that rate of sales and gross profit growth strengthened in Q2 versus Q1. All territories have seen increases in revenue and gross profit however in South-East Asia, the Group witnessed the most significant growth. According to the Group, with a substantial population, increasing disposable income, lack of off-price competition and high mobile penetration this region is well served by its strong branded sales offers and exceptional mobile capability.
The company further added that refocus on the core business instigated in early 2015 is also delivering good results in the United Kingdom where, following a refinement to its operations, it is seeing the first signs of encouraging growth and performance. The Group expects its acquisition of the Australian online retail business from Grays eCommerce Group as announced on November 20, 2015, will provide an exciting opportunity to almost double the active customer base in ANZ and widen the online offer.