musicMagpie has hailed its "resilient revenue performance" during the first half of its financial year despite "the well-publicised economic headwinds impacting the consumer sector".
The Stockport-headquartered company has posted a revenue of £71.3m for the six months to May 31, 2022, down from the £72.8m it achieved during the same period in 2021.
Sales in its consumer technology products division rose 15% to £46m while sales of disk media and books fell 23.6% to £25.3m.
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musicMagpie added that its adjusted EBITDA for the six months totalled £2.6m, down from £6.2m.
A statement said: "Whilst acknowledging the current uncertain economic environment facing all consumer businesses, the board is confident of achieving its full year expectations with a much stronger H2 profit performance from increased contribution from the growing rental subscribers alongside continued anticipated sales revenue growth from the recent expansion of 'marketplace' sales channels, including Back Market, on which the group has recently successfully launched."
Chief executive and co-founder Steve Oliver added: "The economic environment facing consumers is increasingly tough and the issues of affordability and cash-flow constraints are being felt by many.
"Against that backdrop, our twin proposition of giving people a way to recycle their tech products for cash, as well as our ability to sell or rent refurbished, lower cost consumer technology products, becomes increasingly attractive.
"Whilst recognising we are in the early stages of our second half, our sales channel expansion has started well and we are confident about our short term growth and remain excited about our medium-term prospects."
