UK's musicMagpie up on rise in HY core profit

Musicmagpie

19/06/2023 09:13

** Shares of refurbished consumer technology firm
musicMagpie  MMAG.L  up as much as 18.3% at 21p
    ** Posts HY adjusted core profit up 7.7% to 2.8 million
pounds ($3.59 million), as it benefits from a tight rein on
costs and after increasing its gross margins 
    ** Co benefits from an increasing share from its rental
subscription unit
     ** Adds active customers to the rental service for consumer
technology products increased to 39,000 at May 31 from 30,500 as
at November
    ** Says it is confident in meeting full year expectations,
and expects a stronger second half
    ** As per last close, stock down 28% YTD

($1 = 0.7805 pounds)

 (Reporting by Sinchita Mitra in Bengaluru)
 ((Sinchita.mitra@thomsonreuters.com))