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MusicMagpie
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=== Financials === MMAG demonstrated strong revenue growth, with a CAGR of 8% in FY18β21, ahead of market growth estimates, due to growth in consumer numbers and repeat customers. This points to growing engagement with the circular economy and market share gains, and a further boost to demand during the COVID-19 pandemic. At the same time, refinement of the buying and selling processes led to significant gross margin enhancement (from c 23% in FY18 to c 30% in FY21). Edison forecasts 6β8% pa revenue growth in FY22β24 despite further normalisation to pre-COVID-19 levels for Media and Books. Edison forecasts that FY22 EBITDA will decline as the transition to building rental income - which is more profitable in the medium-term - dampens near-term growth, and reflecting recent trends in Technology outright gross margin, before growth resumes in FY23.
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