MySale cuts costs, improves H1 profit

MySale Group in its interim results for the six months ended December 31, 2015 said that the company experienced a positive first half with underlying EBITDA of 1.5 million Australian dollars (0.1 million dollars); a 12.9 million Australian dollars (9.2 million dollars) improvement on the prior year. The company reported overall revenue growth of 4 percent and gross profit growth of 15 percent through the period.

“The group had a good start to FY2016 as the planned strategic initiatives have delivered both improved financial performance and positioned the group for further, profitable, growth. Our focus for the first half of the financial year was to restore the business to profitability and to re-focus around our simplified strategy. Gross margin has increased in all regions and whilst currency headwind has constrained this growth in our core ANZ market. We are pleased with the start to the second half of the year as we have seen good momentum in revenue growth,” said Carl Jackson, Chief Executive Officer of the company.

Financial highlights of the first half

The gross profit growth was driven by 250 bp margin improvement. Revenues in South-East Asia increased 8 percent and gross profit increased 187 percent. The company said that the good trading momentum has continued into the second half with 20 percent revenue growth in the first six weeks.

Average order value during the period increased 17 percent and average revenue per active member increased 6 percent. With further growth in mobile, it now represents 59 percent of orders. The company also completed acquisition of Australian online retail business.