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(Sharecast News) - Audio products company Focusrite lifted full year expectations on Friday after reporting strong demand from distributors and dealers.
The AIM-listed group said revenues, profits and cash were all ahead of last year and current market expectations for the financial year ending 31 August would be exceeded.
Focusrite said it now expects revenues for the six months ending 28 February to be more than £90m, up from £49.9m a year ago, with cash generation also remaining "correspondingly strong" and the group clearing all bank debt.
"We are delighted that consumer demand for Focusrite and ADAM products has remained very high. This has resulted in increased demand from the distributors and dealers, which has translated into strong sales momentum producing higher revenues, profits and cash generation in the first half of the financial year," said chief executive Tim Carroll said.
"How this demand may be affected by the easing of lockdowns around the world is hard to judge although we do expect Martin Audio to rebound as live events restart."
As of 0850 GMT, Focusrite shares were up 6.74% at 1,045.0p.
2 Jan 2020 15:57