musicMagpie plc (GB:MMAG) has released an update.
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musicMagpie plc reported a decrease in group revenue to £53.8m from £61.9m in the first half of 2024, with a slight UK Consumer Technology sales increase and cost-saving measures mitigating lower profits. The company remains hopeful for improved performance during the Black Friday period despite current economic challenges and is expanding its inventory with the introduction of fashion item purchasing. CEO Steve Oliver highlights the company’s strategic cost reductions and market adaptation to strengthen its position in second-use markets.
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