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MySale shares jump as it sees 2018 earnings at top end of market estimates

Chief executive Carl Jackson said 2018 marked “another record year with double digit revenue growth driving a material increase in underlying EBITDA"
More consumers are shunning the high street to shop online instead

Online retailer MySale Group PLC (LON:MYSL) said on Tuesday it expects underlying earnings for the year to reach the top end of market forecasts, boosted by revenue growth of 10%.

Shares in the company, which has online flash-sales and retail websites in Australia, New Zealand, South-East Asia and the UK, jumped 14.8% to 68.8p in morning trading.

The group estimates underlying EBITDA of A$11.8mln for the year ended 30 June 2018, up from A$8.7mln last year.

Revenues are expected to rise to A$295mln from A$268mln last year.

Gross margins have also improved, supported by an increase in own-buy inventory.

New international and local strategic partnerships led to an increase in the product range, with the available stock keeping unit (SKU) count now exceeding one million. 

CEO sounds confident outlook 

Chief executive Carl Jackson said 2018 marked “another record year” as it developed its proprietary financial services and subscription delivery propositions, Ourpay and Ourpay Select.

READ: MySale shares up as online retailer reports double-digit online revenue growth, improved gross margins

''The group continues to invest in enhancing our proprietary technology platform, which has a key role to play as volumes increase, efficiencies are unlocked and operational gearing improves,” he added.

''We move into the new financial year with confidence and with the expectation that our strategic plans will continue to support the group's profitable growth."

MySale’s online flash sales brands including OzSale, BuyInvite, NzSale, MySale and Cocosa while its retail websites are Deals Direct and and Top Buy.

Pure-play online retailers have been benefitting from the growing shift away from the high street with more customers preferring the convenience and often cheaper options that websites provide. In contrast, bricks and mortar retailers have been struggling against online competition. 

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