Last checked at 20 Jul 2021 07:00
Strictly embargoed until 07.00, 20th July 2021
Focusrite plc
("the Company" or "the Group")
Trading Update
Focusrite plc (AIM: TUNE), the global music and audio products company supplying hardware and software used by professional and amateur musicians and the entertainment industry, is pleased to give the following update on current trading.
Since the Half Year period ended 28 February 2021, the Company has continued to trade well across all business units and demand has remained strong when compared with the corresponding period in FY20. As a result the Board now expects revenue for the full year to 31 August 2021 to be ahead of market expectations. In addition, profitability for the full year will be significantly ahead of expectations as a result of strong trading together with a substantial decrease in travel and trade shows due to the restrictions and changes in working practices caused by COVID-19. The Board does not expect these cost savings to be recurring.
Despite the strong demand for most of the Company's products, the Board remains conscious of factors that are currently impacting operations adversely, in particular the previously reported effect of supply constraints due to the global shortage of semi-conductors and other components as widely reported by many manufacturers of electronics. The Group is experiencing continuing disruption to the supply chain; and freight and shipping costs are significantly higher than normal, principally caused by the effects of COVID-19.
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Enquiries:
Focusrite plc: | |
Tim Carroll (CEO) | +44 1494 462246 |
Sally McKone (CFO) | +44 1494 462246 |
Panmure Gordon (Nominated Adviser and Broker) | |
Freddy Crossley (Corporate Finance) | +44 20 7886 2500 |
Erik Anderson (Corporate Broking) | +44 20 7886 2500 |
Belvedere Communications | |
John West | +44 20 3687 2753 |
Llew Angus | +44 20 3687 2754 |
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Notes to Editors
Focusrite plc is a global audio products group that develops and markets proprietary hardware and software products. Used by audio professionals and musicians, its solutions facilitate the high-quality production of recorded and live sound. The Focusrite Group trades under eight established brands: Focusrite, Focusrite Pro, Novation, Ampify, ADAM Audio, Martin Audio, Optimal Audio and Sequential.
With a high-quality reputation and a rich heritage spanning decades, its brands are category leaders in the music-making and audio recording industries. Focusrite and Focusrite Pro offer audio interfaces and other products for recording musicians, producers and professional audio facilities. Novation and Ampify products are used in the creation of electronic music, from synthesisers and grooveboxes to industry-shaping controllers and inspirational music-making apps. ADAM Audio studio monitors have earned a worldwide reputation based on technological innovation in the field of studio loudspeaker technology. Martin Audio designs and manufactures performance-ready systems across the spectrum of sound reinforcement applications. Sequential designs and manufacturers high end analogue synthesizers.
The Focusrite Group has offices in four continents and a global customer base with a distribution network covering approximately 160 territories.
Focusrite plc is traded on the AIM market, London Stock Exchange.