Following in the footsteps of e-commerce retailers announcing a strong start to the fiscal year, MySale Group has revealed double digit online revenue growth for the first half of 2018.
MySale Group has today announced its unaudited interim results for first half 2018. The Group includes flash-sale sites OzSale and BuyInvite in Australia; NzSale in New Zealand; SingSale in Singapore; MySale in Malaysia, Thailand, the Philippines, the United Kingdom and Hong Kong, and Cocosa in the United Kingdom, Australia and New Zealand; as well as retail websites Deals Direct, OO.com.au and Top Buy in Australia and Identity Direct in Australia and New Zealand.
“We are very pleased to be reporting a record first half performance with growth in underlying EBITDA (earnings before interest, taxes, depreciation and amortisation) of 80 percent underpinned by double digit online revenue growth and improved gross margins, our sixth consecutive half of gross margin gains,” said CEO, Carl Jackson.
“This strong performance has been driven by our technology platform, which continues to enhance both our customer offer and relationships with our global brand partners.”
The Group reported underlying EBITDA growth to a record $5.5 million (compared to $30 million in first half 2017), gross profit increase to 19 percent (about $45.6 million), gross margin increase 200 bps (basis points) to 30.1 percent and revenue increase 11 percent to approximately $151.9 million.
The Group’s growth strategy moving forward will remain focused on harnessing its proprietary platform to scale up its proposition globally. The first half of financial year 2018 saw an increase in product range as well as developing its proprietary financial services and Ourpay (a buy-now, pay-later’ payments system) and Ourpay Select subscription delivery propositions.
Interestingly from an e-commerce trends perspective, the Group reported that mobile activity is growing and currently represents 60 percent of orders, product return rates sit at 5 percent and cumulative app downloads have reached 7.5 million.
“It has been a great start to the new financial year and we approach the second half with confidence, with an exciting range of strategic opportunities ahead,” said Jackson.