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MySale returns to profit and reports encouraging signs in the UK

Australian flash Sale site MySale Group has made an underlying EBITDA of A$1.5m (£0.7m) for the first six months to December 31, compared with a A$11.4m (£5.5m) loss in the same period in 2014.

MySale

MySale

MySale

Sales grew by 4% to A$128.2m (£62.3m), with a 250 basis point improvement in gross margin driving the 16% increase in gross profit.

The company said the rate of sales and gross profit growth strengthened in the second quarter compared with the first and it anticipates this will continue into the second half of the year.

Most growth came from southeast Asia, although it reported the first signs of “encouraging growth and performance” in its UK operations.

The previously announced acquisition of rival sites OO.com.au, Deals Direct and Top Buy from fellow Australian ecommerce group Grays for A$5.3m (£2.4m) is set to complete on January 31. It will almost double the active customer base in Australia and New Zealand, as well as broadening its online offer.

Mike Ashley and Sir Philip Green are major shareholders in MySale.

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