Focusrite PLC - High Wycombe, England-based firm - For the six months ended on February 28, revenue amounts to GBP86.2 million, down 7.2% from GBP92.9 million the year before. Says market and channel weakness has impacted the Focusrite and Novation brands, "partially offset by strong double digit growth in the remaining brands". Pretax profit decreases by 34% to GBP10.9 million from GBP16.5 million, as operating profit drops to GBP11.5 million from GBP16.3 million the year before. Says profit has been impacted by "increased amortisation from acquisitions and new product launches". Adjusted earnings before interest, tax, depreciation and amortisation amounts to GBP18.1 million, down from GBP22.2 million.
Declares an interim dividend of 2.1 pence per share, up by 14% from 1.85p a year prior. Looking ahead, says trading since the half year has remained solid. Says outlook for the company is positive with inventory improving. Expects revenue to be in line with expectations.
Chief Executive Officer Tim Carroll says: "Focusrite is a much bigger business since pre-Covid with eleven brands operating globally across different, but complementary markets. This past half year has showcased just how well the group's diversification strategy has paid off, giving us increased resilience in the face of global and industry wide headwinds.
Current stock price: 515.00 pence each, down 10% on Tuesday morning in London
12-month change: down 53%
By Xindi Wei, Alliance News reporter
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Focusrite (TUNE)