LONDON, March 1 A day after paying out $449
million to plug a pension hole in a failed retailer, billionaire
Philip Green was given a little financial relief as MySale
, the online "flash" sales group he backs, reported a
jump in first-half core earnings.
The Topshop owner's family owns a 22 percent stake in the
Australia-based MySale, while Mike Ashley's Sports Direct
holds 4.8 percent, according to Reuters data.
The company, which holds flash sales of fashion, cosmetics
and homewares at discounted prices, said on Wednesday it made
underlying earnings before interest, tax, depreciation and
amortisation (EBITDA) of A$3.0 million pounds in the six months
to Dec. 31, up from A$1.8 million pounds in the same period of
Online revenue increased 19 percent to A$127.1 million as
the firm's active customer base also increased 19 percent to
"The growth of our underlying EBITDA for four consecutive
half year periods endorses our strategic plan and we remain
confident in the full year's prospects," said Chief Executive
MySale listed on London's junior Alternative Investment
Market (AIM) in June 2014 at 226 pence but issued a profit
warning the same year.
Over the last year the stock has risen 173 percent. It was
unmoved on Wednesday at 120.1 pence, valuing the business at 183
million pounds ($226.39 million).
On Tuesday Green said he hoped his settlement with Britain's
pensions regulator would "close this sorry chapter" for
pensioners of collapsed department store chain BHS.
($1 = 0.8083 pounds)
(Reporting by James Davey; editing by Kate Holton)