Gear4Music PLC - York-based online musical instruments and music equipment retailer - Sales in financial year that ended March 31 rise 31% to GBP157.5 million from GBP120.3 million, with sales in UK up 27% and those in Europe and the rest of the world up 35%. With gross margin improved to 29.5% in financial 2021 from 25.9% in financial 2020, earnings before interest, tax, depreciation and amortisation is expected to be no less than GBP19 million, up from GBP7.8 million and ahead of current market expectations. Says "pleased" with financial 2022 trading to date.
"I am very pleased to be reporting results that are ahead of our previous expectations, representing a transformational financial 2021 trading performance for the group, and building on the significant progress we made in financial 2020," Chief Executive Officer Andrew Wass says. "Further improvements in gross margins have driven our profits to record levels, amplified by the previously reported exceptional sales growth and marketing efficiencies which were driven by Covid-19 lockdowns, particularly evident during the first quarter of financial 2021."
Current stock price: 860.00 pence, up 8.2% on Thursday
Year-to-date change: up 4.9%
By Tom Waite; thomaslwaite@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Gear4music (G4M)