(Alliance News) - Gear4music Holdings PLC on Wednesday said trading for financial 2020 has remained in line with expectations, unhurt by the Covid-19 outbreak.
The stock was trading 2.7% higher at 151.50 pence each on Wednesday afternoon in London.
The online musical equipment retailer said its supply chains continue to operate as normal with disruption mitigated through forward-purchasing. It added that it has sufficient inventory to continue serving customers for several months and financial resources to secure more inventory if needed.
Gear4music said its delivery partners are for the most part operating as normal, successfully making deliveries into the UK and mainland European countries, including Italy, France and Germany.
The company said it remains "confident that its results for the current financial year to the end of March will be "at least in line with board expectations".
In its financial year ended march 2019, the company recorded a loss of GBP163,000, swinging from a GBP1.4 million profit the year before. At the half-year stage, to September 2019, Gear4music recorded a pretax loss of GBP279,000.
Looking ahead, the company added: "Whilst we cannot predict the long-term impact of the outbreak, the group has the benefit of an online business model and is appropriately positioned for the year ahead."
Full unaudited results for financial 2020 will be published on April 23.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Gear4music (G4M)