Stockport-based musicMagpie said its revenue fell about 6% to £136.6 million for the year ended November 30, 2023, and gross profit slipped to £37.9 million from £38.1 million.

Adjusted EBITDA was up 15.4% to £7.5 million “driven by tight control of margins and costs.”

Loss before taxation widened from £1.5 million to £6.8 million.

In first-quarter trading and outlook, musicMagpie said: “The group finished the 2023 financial year with a record Black Friday period which contributed to a 15.4% increase in EBITDA for FY23.

“Q1 FY24 has recently closed and trading was in line with management’s expectations. This positive start to the new financial year, combined with the recent changes made in the US to the group’s Consumer Technology buying strategy and operations, cost reduction exercises in the UK and lower investment levels into our Rental offering, give the board confidence in the group’s FY24 and medium-term prospects.”

musicMagpie CEO Steve Oliver said: “Following a successful end to FY23 we are pleased with FY24’s Q1 performance. Having recently made changes to our US Consumer Technology buying strategy and operations, and implemented further cost savings in the UK, we believe that musicMagpie is well positioned for the remainder of the year.”