MyDeal Reports Strong Results in FY21

Power Retail By Power Retail | 21 Jan 2021

MyDeal is reporting strong growth in its first quarter of FY21, following its listing on the ASX in late 2020. 

Its H1 gross sales increased by 217 percent YoY to $126.7 million, with a strong cash balance of $48.1 million.

“We are extremely pleased with the results,” shared Sean Senvirtne, the CEO of MyDeal. “The strength in cash receipts during the quarter reflects the continued growth of the business, driven by an increase in active customers to a record 813,764, and transactions from returning customers representing 52.7 percent of total transaction.”

The online marketplace has experienced a 205 percent YoY increase in its active customers, hitting more than 800,000 as of 31 December 2020.

“Since listing, we have been executing our growth strategy by continuing to invest in our technology, marketing and private label,” Senvirtne continued.

MyDeal has surpassed ‘another record’ of its Gross Sales, reporting growth of 165 percent compared to 23.7 percent in the previous year.

Shares for MyDeal are currently trading 2.6 percent higher at $1.40, surging seven percent in the last day. It is also up 45 percent from its October listing of $1.00.

MyDeal reports ‘strong growth’ in the number of its repeat customers in Q2 FY21. According to the report, 52.7 percent of all transactions are from repeat customers, which is up from 49.7 percent in the previous quarter and follows a further growth of 38.5 percent in Q2 FY20.

MyDeal plans to roll out its shopping app later in the year, which Senvirtne expects to be a ‘key driver’ of further growth for the retailer. Furthermore, the retailer expects its private label company, Duke Living, to ‘more than double’ in the coming months.

“Our mobile apps for iOS and Android remain on track for launch in H2 FY21, and we expect this to be a key driver of growth in the future. Our private label product range continues to grow and is expected to more than double in H2 FY21,” Senvirtne explained.

MyDeal has also decided to expand its leadership team, by hiring Lachlan Freeman as the CFO, with ‘multiple new roles’ commencing in Q3 FY21.

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