Sales for online music and clothing retailer EBTM increased by 17 per cent in the 24 weeks to October 17.

Wholesale for the e-tailer has remained challenging and the business expects to make an operating loss in the first half of this year.

However, EBTM's directors remain confident that the business is well positioned to deliver growth.

It has also announced that it has raised£850,000 before expenses through the placing of 85,000,000 new ordinary shares, which it hopes will underpin the continued growth of the e-tail business.

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