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Highlights:
- MyDeal has ended yet another strong and positive financial year, wherein the company exceeded its FY22 guidance.
- MyDeals’ revenue has increased by almost 71% in FY22, as compared to FY21.
- The company has ended the financial year with a strong cash balance of AU$32.4 million.
Renowned Australian online retailer, MyDeal.com.au Limited (ASX:MYD), on Tuesday (12 July), shared its quarterly activities updates for the period ended on 30 June 2022 (Q4 FY22). The company has successfully exceeded its FY22 guidance with respect to sales and revenue.
As a result, shares of MyDeal were spotted trading in the green territory. At 3:30 PM AEST, shares of MyDeal were trading at AU$1.030 per share.
Details of MyDeal’s Q4 FY22 updates:
MyDeal has delivered a strong and positive quarter amidst challenging market conditions. The company performed well in the past quarter, which ended on 30 June 2022. MYD also has exceeded its FY22 guidance. The online retailer believes that customer loyalty and customer acquisition is the reason behind its performance.
MyDeal has delivered gross sales worth AU$272.2 million in FY22, up 24.8% from its previous corresponding period (FY21).
Gross sales grew by 27% alone in Q4 FY22, compared to the previous corresponding period (Q4 FY21). The company believes that this growth was brought by various initiatives taken by the company in last 12 months. These initiatives include in-stock, a brand refresh, personalisation and the continuous adoption of the MyDeal application.
In FY22, MyDeal witnessed a customer growth of 17% to 1,051,701. MyDeal managed to execute customer acquisition through brand campaigns in various channels.
The company also reported that around 64.6% of revenue comes from its old customers. This reflects that MyDeal’s customers are highly loyal to the brand.
At the end of FY22 (30 June 2022), MyDeal reported a strong cash balance of AU$32.4 million.
According to Sean Senvirtne, CEO, one of the most significant events that took place in Q4 FY22 was the binding Scheme Implementation Agreement with Woolworths Group (ASX:WOW). As per the agreement, Woolworths will be acquiring a controlling interest in MyDeal for an all-cash consideration of AU$1.05 per share.
Highlights of MyDeal’s financial achievements in FY22:
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An overview of MyDeal’s share price performance on the ASX:
MyDeal shares have performed well on the ASX in last one year despite challenging market conditions. COVID-19 lockdowns, Ukraine-Russia war, among other geo-political and economic conditions weighed on the markets globally. Surprisingly, the company could win over these obstacles, as the share price gained over 43% on the ASX in a year. Similarly, on YTD basis, MyDeal’s share price also gained over 37% (as of 4:10 PM AEST on the ASX today, 12 July).
