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Gear4Music Holdings PLC - York, England-based online retailer of musical instruments and equipment - Pretax loss widens to GBP1.9 million in the six months that ended September 30 from GBP1.0 million a year before, as revenue declines to GBP62.6 million from GBP66.3 million. While UK revenue grows by 2.8% to GBP36.5 million from GBP35.5 million, European & Rest of World revenue falls by 15% to GBP25.1 million from GBP30.8 million. Gear4Music also takes GBP487,000 in redundancy costs, versus none a year before. Adjusted earnings before interest, tax, depreciation and amortisation is GBP2.9 million, up from GBP2.7 million. Gear4Music declares no interim dividend, unchanged.
Looking ahead, Gear4Music says it is "moderating" its revenue expectation for financial 2024 to GBP144 million to reflect its sales run rate and its current focus on profit over growth. This will compare with GBP152.0 million in financial 2023. It says its expectations for adjusted profit are unchanged and in line with market expectations. These are for adjusted pretax profit of GBP1.2 million on GBP161.7 million revenue. Gear4Music recorded a statutory pretax loss of GBP400,000 in financial 2023.
Current stock price: 114.00 pence, down 5.0% in London on Tuesday
12-month change: up 19%
By Tom Waite, Alliance News editor
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