(Alliance News) - Gear4music PLC on Thursday said its profit will be ahead of expectations but remained mindful of "further operational actions" it may need to adopt due to the Covid-19 spread.
Shares in the online musical instrument retailer climbed 20% to 204.00 pence each in London on Thursday morning.
Gear4music said it made "commercial and operational progress" during the year ended March 31.
"We now expect profits for the financial year ended 31 March 2020 to be ahead of previous expectations," it said.
"Following the necessary government restrictions put in place to tackle the spread of Covid-19, we are pleased to say we have been able to quickly reconfigure our operations to ensure that we are keeping our teams safe. This has been due to the huge effort our incredible staff have made during this very challenging time," the company said.
Lockdown measures in the UK mean only workers in essential industries are advised to go to work, those who can, have been asked to work remotely.
Gear4music is penned to release a further trading update on April 23.
Chief Executive Officer Andrew Wass said: "Whilst it is impossible to predict what further operational actions may become necessary during the coming weeks and months, we remain committed to operating safely and serving our valued customers for as long as government guidance allows.
"In addition to the economic benefits of uninterrupted trading, we are driven by the knowledge that learning a new instrument or improving musical skills can bring enormous mental wellbeing benefits to people of all ages, particularly in challenging times like these."
By Eric Cunha; ericcunha@alliancenews.com
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Gear4music (G4M)