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MySale appoints The Hut Group director as non-exec chairman

Flash sale website MySale has appointed Iain McDonald as non-executive chairman as it revealed an improved performance in its second half of trading.

Online retail expert Iain McDonald was named as the e-tailer's new non-executive chairman this morning.

CEO Carl Jackson said: "MySale is focussed on profitable growth and we are pleased with the progress achieved over the last six months. We are delighted that Iain McDonald has joined as chairman bringing a wealth of online retail and significant UK capital markets experience."

The company expects McDonald's appointment as non-executive chairman to bring a number of benefits, thanks to his experience in working for high growth, online businesses. McDonald is a partner at the William Currie Group (WCG) which invests in technology and eCommerce companies. During his seven years at WCG, McDonald has been behind early stage investments at Asos, The Hut Group, Metapack, Eagle Eye Solutions and Anatwine.

He is also a non-executive director at The Hut Group, Anatwine, Atterley Road and Houseology.com and was nominated as a NED of the year in 2015 by the Sunday Times NED Awards.

McDonald said: "I am delighted to be joining the board of MySale. The group possesses many fundamental strengths – notably its product sourcing skills, experienced management team, cash rich balance sheet, robust tech platform and substantial customer base."

Trading update

In its pre-close trading update, the e-tailer  ̶  which is backed by Arcadia boss Sir Philip Green  ̶  reported its revenue increased 5% to A$235 million for its year ending 30 June 2015. Its underlying EBITDA broke even for its second half and its fourth quarter was profitable  ̶   a turnaround from the first half of its financial year which MySale called challenging.

Jackson added: "The last 18 months have been exceptionally busy for the group and in some respects quite challenging but we look to the future with renewed confidence; the momentum of restoring profitability continues into the current year and in the long term we shall benefit from the strong foundations we have laid."

MySale's full year results will be announced on 29 September 2015. The e-tailer has flash sales websites in Australia, New Zealand, South-East Asia and the UK which provide brands with a solution to manage their residual inventory online.