Focusrite Share News (TUNE)

(Sharecast News) - Audio production equipment and software company Focusrite updated the market on its trading on Tuesday, reporting that demand had remained "strong" since the start of its second half on 1 March.
The AIM-traded firm said that as a result, it now expected revenue for the full-year ending 31 August to be ahead of market expectations.

In addition, it said profitability for the full year would be "significantly ahead" of expectations as a result of strong trading, together with a substantial decrease in travel and trade shows due to the restrictions and changes in working practices caused by the Covid-19 pandemic.

The board did not expect those cost savings to be recurring, however.

"Despite the strong demand for most of the company's products, the board remains conscious of factors that are currently impacting operations adversely, in particular the previously=reported effect of supply constraints due to the global shortage of semiconductors and other components as widely reported by many manufacturers of electronics," the directors of Focusrite said in their statement.

"The group is experiencing continuing disruption to the supply chain; and freight and shipping costs are significantly higher than normal, principally caused by the effects of Covid-19."

At 0914 BST, shares in Focusrite were up 1.42% at 1,425p.