Gross margin increased strongly by around 3.1 percentage points year on year. The improvement was driven by: a combination of a higher proportion of product sourced directly from consumers; an increase in the proportion of sales made through the musicMagpie store; and the increasing contribution from rental subscriptions. These factors, combined with cost control measures delivering lower overheads, contributed positively to the strong Q2 2023 performance.
Driving a strong Q2 2023 that delivered EBITDA of £2.0m, up 42% on Q2 2022. Overall EBITDA for the traditionally quieter first six months of the year was £2.8m, up 7.7% on H1 2022 and in line with the Board's expectations.
I know. It doesn't make sense. I have reached my limit now. Overwise I'd top up more. Loads of brilliant news and dividends coming up, I thought it would be rocking.