The Jeuns

‘Company Music Magpie staying on track in line with projections’

May 22, 2024 | by The Jeuns

Music Magpie, a leading refurbished consumer technology specialist, has reported that its second quarter trading is in line with expectations as it remains in takeover discussions. The company had a positive start to the new financial year after record Black Friday sales in November. This quarter’s performance has been boosted by effective cost control and reduced overheads.

In an effort to enhance profitability, Music Magpie has restructured its US consumer technology operation to focus on sourcing devices for the UK market. While this transition has temporarily lowered group revenues, the retailer believes it will lead to sustainable growth in the future.

Since November, Music Magpie has been in talks with potential buyers, with discussions ongoing. However, there is no guarantee that a formal offer will be made. The company has also rolled out a new strategy of “unlocking a world of inventory” from people’s homes and plans to introduce new product categories soon.

The board of Music Magpie is dedicated to improving profitability and capitalizing on the expanding second-use market. With a strong focus on unlocking inventory from consumers’ homes, the company is confident in its long-term prospects.

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