(Sharecast News) - Music and audio products company Focusrite told shareholders at its annual general meeting on Friday that total revenues within the Focusrite and Novation businesses slipped throughout the first quarter.
Focusrite and Novation's first-quarter product revenues were said to be "similar" to the prior year, although total revenues came in lower as a result of a one-off gain in 2019 and the adverse effect of a strengthening pound during the first quarter of 2020.
However, for the group as a whole, revenue was still higher year-on-year, helped by the acquisition of ADAM Audio in July 2019.
ADAM Audio finished the first quarter in line with expectations and ahead of prior year comparatives.
As of 0940 GMT, Focusrite shares were down 2.94% at 595p.
Focusrite (TUNE)2 May 2024 13:49