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MySale profits leap

Australian flash Sale etailer MySale has reported a huge leap in underlying pre-tax profit of 226% to A$3.3m (£1.9m) in its last financial year.

MySale posted a 59% rise in underlying EBITDA to A$8.7m (£5.1m) for the year to 30 June 2017, while gross profit climbed by a more modest 14% to A$76m (£44.8m).

It attributed its performance to investment in technology, supply and customer developments as well as “further long-term partnerships formed” with retail brands.

MySale’s partners include Sports Direct in the UK and online flash Sale site Gilt in the US.

Revenue also increased: group revenue by 6% to A$268m (£158m) and online revenue by 10% to £238.7m (£140.6m).

Nevertheless, the retailer posted a A$1.5m (£883k) loss before tax. Its returns rate was 5% for the year.

The retailer said its outlook for underlying EBITDA is expected to be at least in line with upper end of market expectations.

Chief executive Carl Jackson said: “Sustained focus on our strategic goals has delivered yet another year of growing revenue and, more importantly, increasing profitability.

“We carried good momentum into this year and have a number of exciting strategic initiatives that will support our continued growth in revenue and profitability. This year has started well with revenue growth accelerating from last year and strong growth in underlying profitability.’’

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