LONDON (Alliance News) - Focusrite PLC Wednesday said it will pay a maiden interim dividend and posted a rise in pretax profit for its first half, as a rise in revenue offset one-off costs related to its listing on AIM last December.
Focusrite supplies hardware and software for musicians. It has proposed a maiden interim dividend of 0.6 pence per share.
For the half year to end-February the company posted a pretax profit of GBP3.5 million, up from GBP2.9 million a year before, as a rise in revenue to GBP23.8 million from GBP20.3 million helped offset costs related to its listing.
Revenue from its Focusrite range of products rose to GBP15.3 million from GBP12.6 million, boosted by a good performance from its 'Scarlett' range, and take up of its 'RedBet' products in the live, broadcast and education markets.
Its Novation brand saw revenue rise to GBP6.8 million from GBP6.1 million, as the electronic dance music producer and performer market remains buoyant, the company said, and its LaunchPad App continued to perform well.
Focusrite plans to develop and launch between 10 and 20 new products each year, and for the second half of its current year has a series of launches planned.
"The performance achieved by the group in this period has been a pleasing continuation of the historic growth. We continue to execute against our stated plan at IPO, and we remain confident in the prospects for Focusrite in the second half of this financial year," said Executive Chairman Philip Dudderidge in a statement.
Shares in Focusrite are trading up 3.7% at 170.00 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Focusrite (TUNE)