Revenue down but profits up at Mi9

Revenues at Mi9 dipped 4% for the year to end of June 2012 against double digit growth across the sector. However, profit was up.

Accounts presented to ASIC show a $7 million decline to $171 million.

Mi9 did not comment on the figures but it is understood that the discrepancy was due to a change of reporting of figures for group buying platform Cudo. Rival Groupon also recently restated revenues.

Profit after tax rose 19 per cent to $37 million.

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