MySale reports underlying loss but remains positive amid restructuring

MySale has reported an underlying loss in its half-year results but said its revenue is “in line with management expectations" amid the company’s ongoing transformation strategy.

The Australian online retailer saw an EBITDA loss of 3.6 million Australian dollars for the six months to 31 December, while it said its revenue of 71.9 million Australian dollars was “in line with management expectations as the group transitions to an inventory light marketplace platform.”

The company’s net cash balance was 7.2 million Australian dollars at the end of the period and it is now debt-free.

The group said it continues to trade in line with management expectations and is “building on the important steps taken to simplify, reorganise and recapitalise the business last year.”

This restructuring strategy included closing its UK and US operations and selling the trade and assets of its shopping platform Cocosa.co.uk to fashion retailer Brandalley for 1.5 million pounds. It has also seen 170 brand partners relaunching on the group’s “inventory-light marketplace platform” where the group says they can benefit from its “counter seasonal proposition.”

In September, the group also secured 1.6 million pounds in funding from shareholders via an open offer.

Commenting on the latest results in a statement, CEO of MySale, Carl Jackson, said: “Having taken some critical steps last year to restructure the Group for the future, we’re pleased to see our counter-seasonal offering beginning to resonate with a number of our brand partners who have relaunched on our marketplace platform over the last six months.

“We will continue to drive this momentum in ANZ, with our inventory light marketplace, through our new organisational structure and simplified business model, and will look to deliver further progress over the second half.”

Photo credit: MySale, Facebook