MySale shares rise on trading update

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MySale Group shares rose almost 8% on Friday’s after the company shares a half year trading update.

The retailer is trading ahead of management expectations at A$2.5m, which is an improvement of A$6,1m from the A$3.6m loss in the same period a year previously. Group revenues were A$63.3m, which is a 14% increase on the prior-year period.

MySale Group has a cash balance of A$15.8m from the end of December and the group continues to operate on a debt free basis.

Looking forward, the broader consumer and economic outlook remains uncertain amid the impacts of the pandemic. However, the group has a robust balance sheet and is operating on a cash generative and debt free basis, with a strong underlying cash position.

The Board is also confident that MySale Group will continue to make progress executing its strategy over the second half of the year.

Carl Jackson, the chief executive of MySale, commented: “We have made excellent progress in the last six months and are beginning to see the benefits of our “ANZ First” strategy come through. The Board remains very confident about the Group’s attractive positioning as an off-price specialist, with a clear customer offering built around MYSALE Solutions.

“We remain focussed on executing our strategy and scaling the number of brand partners we work with on the platform, as well as selectively increasing the amount of high margin, own stock inventory by adopting a disciplined test and repeat strategy.”

MySale Group shares (LON: MYSL) are trading +1.69% at 9.00 (1259GMT).