Focusrite PLC - Buckinghamshire-based music and audio products - Says trading in the first four months of the new financial year has been in line with expectations across its Content Creation and Audio Reproduction businesses. Full-year expectations remain unchanged. Expects a weighting towards the second half of financial 2023 "due to the timing of product launches," Focusrite says.
Chair Phil Dudderidge says: "We did note some industry-wide demand weakness in Asian markets in the period and, as anticipated, Focusrite branded products were adversely impacted by the planned earlier phasing of inventory sell-in to the channel prior to the key holiday season. However, pleasingly, the sell-through of our Content Creation brand products has on the whole been robust through this period. As previously highlighted, we are seeing continued improvement in gross margins as freight costs reduce to more normalised levels; component shortages and supply chain issues are easing and pricing actions are taking effect. We continue to invest in our innovative product teams and in refining our routes to market."
Back in December, Focusrite had reported a revenue of GBP183.7 million for the financial year ended August 31, up 5.6% from GBP173.9 million the year before. Pretax profit, however, was down 13% to GBP30.5 million from GBP35.0 million a year earlier.
Current stock price: 765.50 pence each, down 0.3% on Friday morning in London
12-month change: down 42%
By Xindi Wei, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Focusrite (TUNE)