Refurbished tech company musicMagpie has seen its pre-tax losses shrink to £1.5 million to £14.8 million following a positive year for the company.

In its latest annual report, the company said that revenue had grown around 12 per cent in the year to 30 November 2022.

The company attributed this to a rise in consumer technology sales to £96.6 million, which negated declining sales of books and physical media, which fell by around 18 per cent. It said it remains confident for the coming year, despite the uncertain economic outlook.

Steve Oliver, chief executive and co-founder of Music Magpie, said: “In common with many consumer-facing businesses, this has been a tough year for Music Magpie in the face of a rapidly changing macroeconomic environment.

“However, against this backdrop I am delighted with the performance of our core consumer technology business, which grew by over 12% and now accounts for nearly 70% of our total revenue.”

Last year, musicMagpie completed the installation of 290 kiosks in Asda stores across the UK enabling customers to recycle their phones in exchange for cash. The company also expanded its rental subscription service to tablets, games consoles, and MacBooks.

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