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=== Income statement === MMAG demonstrated strong revenue growth from FY18 (£115.5m) through FY20 (£153.4m) and further into H121 (2.3% y-o-y to £72.8m) as revenue in all product categories increased due to the underlying structural drivers highlighted earlier, ahead of management’s commissioned estimates of market growth, and with the apparent boost to demand during the COVID-19 pandemic that began in H120 (period ended May 2020). FY21 revenue declined by c 5% to £145.5m, in line with management’s expectations, as Technology continued to grow (+3% y-o-y) despite the dampening effect of new rental income (outright revenue +0.9%), and growth rates normalised for Media (-14% y-o-y) and Books (-21% y-o-y) towards pre-COVID-19 levels. On a combined basis, Media and Books revenue declined by c 15% in FY21 to £59.5m, versus guidance of c 10%. FY21’s revenue was c 11% ahead of FY19’s pre-COVID-19 levels of £131.5m. {| class="wikitable" |+Exhibit 12: Summary income statement<ref>Source: musicMagpie, Edison Investment Research.</ref> ! !FY18 !FY19 !H120 !H220 !FY20 !H121 !H221 !FY21 !FY22e !FY23e |FY24e |- |Revenue |115.5 |131.5 |71.1 |82.2 |153.4 |72.8 |72.7 |145.5 |154.7 |166.1 |179.9 |- |Growth y-o-y (%) | |13.8 |N/A |N/A |16.6 |2.3 |(11.6) |(5.1) |6.3 |7.4 |8.3 |- |Outright sales | | |39.4 |44.1 |83.5 |39.4 |44.9 |84.2 |96.9 |106.6 |117.2 |- |Rental income | | |0.0 |0.0 |0.0 |0.3 |1.5 |1.8 |6.0 |12.1 |19.1 |- |<nowiki>- Technology</nowiki> |51.8 |70.4 |39.4 |44.1 |83.5 |39.7 |46.4 |86.1 |102.9 |118.7 |136.4 |- |<nowiki>- Media</nowiki> |58.0 |54.8 |27.1 |31.7 |58.8 |28.0 |22.7 |50.7 |44.6 |40.2 |36.1 |- |<nowiki>- Books</nowiki> |5.7 |6.3 |4.6 |6.4 |11.0 |5.1 |3.6 |8.7 |7.2 |7.3 |7.3 |- |Trading profit |N/A |N/A |36.9 |45.4 |82.4 |41.5 |36.3 |77.8 |75.3 |80.7 |87.7 |- |Trading margin % |N/A |N/A |51.9 |55.3 |53.7 |57.1 |49.8 |53.5 |48.7 |48.6 |48.8 |- |Gross profit |26.8 |30.4 |19.1 |25.7 |44.8 |23.7 |20.5 |44.3 |42.9 |47.5 |53.2 |- |Gross margin (%) |23.2 |23.1 |26.9 |31.2 |29.2 |32.6 |28.2 |30.4 |27.7 |28.6 |29.6 |- |Operating costs |(24.2) |(25.8) |(13.6) |(17.3) |(30.9) |(17.5) |(14.6) |(32.1) |(33.6) |(36.2) |(37.6) |- |Growth y-o-y (%) | |6.8 | | |19.6 |28.4 |(15.4) |3.9 |4.6 |7.9 |3.8 |- |EBITDA |2.6 |4.6 |5.5 |8.4 |13.9 |6.2 |5.9 |12.2 |9.3 |11.3 |15.6 |- |EBITDA margin (%) |2.2 |3.5 |7.7 |10.2 |9.0 |8.6 |8.2 |8.4 |6.0 |6.8 |8.7 |- |Depreciation and amortisation |(2.8) |(2.6) |(1.3) |(1.3) |(2.6) |(1.5) |(2.2) |(3.7) |(7.0) |(9.3) |(9.4) |- |Normalised operating income |(0.2) |2.0 |4.2 |7.1 |11.3 |4.8 |3.7 |8.5 |2.3 |2.0 |6.2 |- |Normalised margin (%) |(0.2) |1.5 |5.9 |8.6 |7.4 |6.6 |5.1 |5.8 |1.5 |1.2 |3.4 |- |Exceptionals/ share-based payments |(0.6) |(0.7) |(0.7) |(1.0) |(1.7) |(21.5) |(0.5) |(22.0) |(0.5) |(1.0) |(1.5) |- |Operating income |(0.8) |1.3 |3.5 |6.1 |9.6 |(16.7) |3.2 |(13.5) |1.8 |1.0 |4.7 |- |Operating margin (%) |(0.7) |1.0 |5.0 |7.4 |6.3 |(23.0) |4.4 |(9.3) |1.2 |0.6 |2.6 |}
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