Music Magpie has posted a decline in full year sales after it returned to normal levels of trading following the impact of the Covid-19 pandemic.
Group revenue in the year to 30 November fell to £145.5 million from £153.3 million in the prior year, although the figure marked an increase of 10.7% on 2019 prior to when the pandemic struck.
Adjusted pre-tax profit was also down, falling to £7.9 million from £9.2 million in the previous year.
Music Magpie said it made good progress with its new device rental subscription service in the period, which was launched in October 2020, and said this has led it to expand into new product categories such as tablets, games consoles, MacBooks and wearables.
The company also embarked on a new sustainability partnership with Asda in which it will launch its SMARTDrop kiosks in nearly 300 Asda stores from this month.
Giving an update on more recent trading, the company said the strong sales momentum seen in the run-up to Christmas has continued into the current year. However, as the first quarter has progressed, volumes and trade-in activity levels have moderated in line with consumer trends.
