(Sharecast News) - Audio products manufacturer Focusrite told investors at its annual general meeting on Friday that demand had remained strong overall during the first quarter of the current financial year, with revenues in-line with management expectations.
Focusrite chairman Phil Dudderidge stated recent acquisitions continued to "settle in well", benefitting from being part of the group, while its "numerous cross-business initiatives" were expected to have "a positive effect" in the latter part of the 2022 financial year and into 2023.
"We are still experiencing supply constraints due to the global shortage of components and tightness in supply chains," said Dudderidge. "In addition, freight and shipping costs remain significantly higher than normal."
However, although Focusrite's chairman acknowledged that challenges remained "unpredictable", not least because of the Covid-19 omicron variant, he stated the group was currently managing them in line with internal expectations.
As of 1045 GMT, Focusrite shares were down 3.25% at 1,531.0p.
Focusrite (TUNE)18 Apr 2024 14:17