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musicMagpie AGM statement: read between the lines, it is all going horribly Pete Tong

By Tom Winnifrith | Wednesday 22 May 2024

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Where to start? The turd is well polished but today’s statement at the AGM is bad. At all times I want you to remember that profit is a matter of opinion, cash is a matter of fact! musicMagpie (MMAG) tells us that post a record Black Friday period in November 2023 ( which we already knew about), subsequent Q2 trading has been "broadly in line" with management's expectations and has benefitted from cost control and lower overheads. “Broadly in line” is City speak for a small miss on already grim forecasts.
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