MySale is delivering on its strategy and the recent AGM trading update confirms that sales growth is accelerating and gross margins are increasing. The roll-out of its proprietary technology platform last year is driving improvements across the breadth of its KPIs. This performance underpins recently upgraded guidance of 15-20% sales growth this year (vs 6.4% in FY17). With momentum building, there appears to be scope for a higher H2 exit rate. We forecast 15% growth this year, conservatively moderating to 11% in FY19. Active customers only represent <4% of its total database, though, so we are excited by the compelling balance of enhanced supply/product assortment on the one hand, and improved digital capability/customer interface on the other. Having in fact softened since the prelims, the recent share price performance looks to be at odds with this acceleration in MySale’s underlying performance.