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MusicMagpie
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=== Forecasts: EBITDA growth expected from FY23 === The business mix, before rental income, is capable of consistent mid-single-digit revenue growth. The transition to monthly subscriptions for consumer technology should accelerate overall medium-term growth rates and profitability but compresses growth in the near-term as it moves from one-off/upfront revenue to monthly revenue recognition with a significantly higher margin. Edison forecasts 6β8% pa revenue growth in FY22β24, but the above near-term dampening effect of the transition to rental and lower βoutrightβ Technology gross profit will lead to lower FY22 EBITDA, before Edison Investment Research expects EBITDA growth to resume from FY23. At end-FY21, MMAG had a net cash position of Β£1.8m. Its future cash generation and net financial position will be sensitive to the phasing and extent of capital investment required to support the expansion of its rental services.
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