Sales, profits and job creation soar at Entertainment Magpie

ENTERTAINMENT Magpie, the pioneering technology business, has hailed another strong year of growth in revenues and profits.

Results for the year to the end of May 2012 show turnover more than doubling from £28.7m to £63.8m and pre-tax profits surging from £2.8m to £5.2m.

The group, backed by private equity firm LDC, also had another strong year of job creation, with staff numbers rising from 500 to more than 1,000 in the last 12 months, as it expanded geographically and into new product areas.

Co-founder and chief executive Steve Oliver said the Macclesfield-based
company was “delighted” with the progress it is making and “hugely excited” about future growth prospects. Revenues for the year to May 2013 are expected to “get close to” £100m, he said.

Since the year end the Macclesfield-based company, has launched in the US and broadened its range from CDs, DVDs and electrical goods to include branded clothing such as designer dresses.

Its unique business model sees it buy unwanted goods, recondition them and then resell them at a profit via a number of channels including the 30-strong That’s Entertainment retail chain.

Mr Oliver said future growth would be underpinned by the “key initiatives” of the broadened product offering and international growth.

“We’re really pleased with the momentum we have built very quickly in the US,” he added 

More than £1m has been invested in establishing an operation in Atlanta, which already employs around 25 people.