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LONDON (Alliance News) - Online musical instruments and equipment retailer Gear4Music (Holdings) PLC on Tuesday said sales surged higher in the first half of its financial year, with strong growth in both the UK and Europe.
UK sales increased 44% year-on-year in the half year to the end of August, rising to GBP13.8 million from GBP9.6 million a year prior. European sales more than doubled, rising to GBP7.8 million from GBP2.9 million.
In total, sales for the group increased 73% year-on-year in the half, up to GBP21.6 million from GBP12.5 million.
Andrew Wass, Gear4Music's chief executive, said the company will continue investing in its expansion and will open its first European distribution centre, to be located in Sweden, by November. The new centre will boost delivery times for customers in Scandinavia and cut delivery costs to that area.
Wass added the group is working towards opening another European hub by the end of the calendar year.
The group will post full interim results on October 18.
Gear4Music shares were up 11% to 184.50 pence early Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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