MySale triggers sell off with update

Shares in Australia-based and AIM-listed online retailer MySale (LON:MYSL) fell by 9.47% to 20.55p (as of 15:50 GMT) after it said it expects an underlying EBITDA loss for the 6 months to 31st December. The company suffered from product mix and inventory issues during the period as well as disruption from recent Australian GST regulation.

Chief executive officer Carl Jackson commented: “Whilst performance during the first half of the year has been disappointing, we have taken immediate action to address the issues.

“Our previous plans to streamline and automate the business have been accelerated and these actions are already delivering results. The changes to product strategy are materially underway and will be completed in the second half.

”Whilst we have experienced a short-term dip in revenue and profitability, we anticipate the actions initiated will deliver a positive underlying EBITDA in the second half and for the full year“.