Online marketplace group MySale has said trading momentum exceeded expectations during 1H21, and that it is making good progress on its “ANZ first” business simplification strategy.
The group operates SingSale in Singapore and MySale in Malaysia and Hong Kong, as well as a number of marketplaces in Australia and New Zealand.
The group’s earnings for the half hit $1.9 million, a significant improvement on the $2.7 million loss the year prior, while revenue grew 14 per cent to $48.9 million.
Gross margin also increased to 37.9 per cent.
“We have made excellent progress in the last six months and are beginning to see the benefits of our ‘ANZ first’ strategy come through,” said MySale chief executive Carl Jackson.
“We remain focused on executing our strategy and scaling the number of brand partners we work with on the platform, as well as selectively increasing the amount of high margin, own stock inventory by adopting a disciplined test and repeat strategy.”
The business recently saw a $7.9 million investment from the founders and former CEO of Australian marketplace Catch Group, amounting to a 10 per cent stake in the business.
Jackson said the investment will enable MySale to invest in technology as well as to increase and improve brand inventory and mix.