Sustainability

Since its inception, musicMagpie has had a core principle message for consumers: smart for you, smart for the planet

musicMagpie has strong environmental, social and corporate governance credentials, as demonstrated by its qualification for the London Stock Exchange’s Green Economy Mark.

The Company qualified for the London Stock Exchange’s Green Economy Mark at Admission, which recognises companies that derive 50 per cent. or more of their total annual revenues from products and services that contribute to the global Green Economy. The underlying methodology incorporates the Green Revenues Data Model developed by FTSE Russell, which helps investors understand the global industrial transition to a green and low carbon economy with consistent, transparent data and indexes.

As the largest recycler of consumer mobile phones in the UK, sustainability and the circular economy are embedded within the Group’s unique business model. The Group’s core strategy is simple: to provide consumers with a smart, trusted and sustainable way to buy, rent and sell refurbished consumer technology and physical media products.

Nearly 400,000 consumer technology products were resold in FY22. In addition, the Group re-sells approximately 10m books and disc media each year that could have ended up as waste. 

Sustainability is one of the Group’s supporting pillars; to operate in a sustainable manner thereby reducing our environmental impacts and contribution to climate change across all aspects of operations in both the UK & US. The Group recently appointed a sustainability working group with representatives from across the business. The working group are responsible for supporting the implementation of our carbon management strategy and have been working with external experts throughout 2022 to evolve the strategy with their working group participating in a series of workshops to build our internal capabilities. 

The Directors recognise that the Group has a significant role to play in the global transition to a low-carbon economy and have aligned their ambitions with the Zero Carbon Manchester framework, aiming to be a net zero company operating within the Greater Manchester region by 2038.