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  • 8 July 2021 08:55

Mydeal.com.au shares rise 8% on trading update showing record year

Shares in online retail marketplace for home and lifestyle products, MyDeal.com.au Limited (ASX: MYD) rose 8 per cent yesterday after it issued a trading update stating it delivered another record year in gross sales and active customers.

Shares in online retail marketplace for home and lifestyle products, MyDeal.com.au Limited (ASX: MYD) rose 8 per cent yesterday after it issued a trading update stating it delivered another record year in gross sales and active customers.

Unaudited results for FY21 show MyDeal delivered record Gross Sales of $218.1 million, up 111.1% on the prior year. Gross Sales were driven by continued growth in active customers which reached a new record of 894,225 as at 30 June 2021, growing 83.1% on FY20. Private Label also made a strong first year contribution of $8.8 million to Gross Sales, after soft launching late in FY20.

MyDeal.com.au CEO, Sean Senvirtne said, “MyDeal has again delivered above industry growth rates with Gross Sales of over $218 million in FY21 by continually building on our value proposition of providing superior value to our customers and marketplace sellers.

“We have placed ourselves in an enviable position to harness the increased demand and ongoing transition to e-commerce, with active customers now exceeding 894,000. Growing the active customer base signifies the trust consumers have placed in our products, brands and shopping experience.

“Since the launch of the MyDeal app in May, it has been extremely well received, being highly rated and highly utilised. We already see a higher customer conversion rate coming through, which makes me very excited about the future of this platform and its contribution to our growth.

“Our Private Label business has delivered a strong Gross Sales contribution and continues to grow. We remain focussed on building and augmenting our proprietary technology platform which is proving to be a core scalable asset of the business, and have invested in securing high calibre talent across all teams. The future of MyDeal is brighter than ever.”

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