StockMarketWire.com - Revenue at musicMagpie for the first half of 2021 has risen 3.4% when compared with the same period last year, driven by an increasing consumer adoption of circular economy models to recycle and reuse items

The re-commerce business, which operates in the UK and US specialising in refurbished consumer technology, said the increase was also fuelled by a growing consumer trend to buy goods and services from brands with strong ESG credentials.

Revenue for the six months ended 31 May 2021 was £72.5 million, compared with £70.2 million for the same period in 2020.

In October last year, the company launched a smartphone rental subscription service which it said has made strong progress. The service provides customers with a more affordable and flexible option than an outright purchase or a pay-monthly contract with a mobile network. As at 31 May, the service has achieved over 7,500 subscriptions.

Steve Oliver,CEO of musicMagpie, said: 'The performance in the period demonstrates that the business continued on its growth trajectory whilst we successfully completed our IPO in April.

'We have continued to capitalise on the favourable long-term trends that are driving musicMagpie's growth as a leading re-commerce provider of consumer technology. We are particularly pleased with the performance so far of our new smartphone subscription service, for which we continue to see significant long-term potential.'


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