Gear4Music PLC - York-based online musical instruments and equipment retailer - Says it is trading in-line with the company's expectations in a statement ahead of its annual general meeting. Adds that UK revenue returned to growth during July and August but European revenue has lagged at a slower pace after being impacted by "post-Brexit challenges".
"As previously announced, trading during the first quarter of financial year 2022 was stronger than the board had expected although, as anticipated, behind the exceptional period of trading during financial year 2021," comments Chief Executive Officer Andrew Wass.
Additionally, Gear4music announces the purchase of home audio and visual equipment retailer AV Online, for an undisclosed sum. The completion of the deal is dependent upon regulator approval, expected in or around December.
Current stock price: 960.55 pence, down 1.0% on Thursday
Year-to-date change: up 17%
By Will Paige; willpaige@alliancenews.com
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Gear4music (G4M)