Last checked at 13 Sep 2017 07:00
Strictly embargoed until: 07.00, 13 September 2017
Focusrite Plc
("the Company")
Trading Update
Focusrite Plc (AIM: TUNE), the global music and audio products company, supplying proprietary hardware and software products used by professionals and amateurs around the world, is pleased to report that in the second half of the financial year, revenue and profits have grown compared with the first half of the current year. This growth has been driven by a combination of factors including improved sales of product, some foreign exchange benefits and the continuing effective management of gross margin.
As a result, revenue for the financial year ending 31 August 2017, is expected to be approximately £66 million, up from £54.3 million in the same period last year. This represents an increase of around 13% on a constant currency basis.
Working capital management has also been improved further in the second half and, as at 31 August 2017, net cash was £14.2 million, up from £5.6 million on 31 August 2016 and £9.4 million on 28 February 2017.
Tim Carroll, Chief Executive commented:
"The business has had a great year, with strong sales of both our Focusrite and Novation ranges. We continue to improve and expand our portfolio of solutions to address the needs of our broad customer range and we are pleased that our efforts have been rewarded with strong demand, market acceptance and financial success."
The Company expects to issue its final results for the year ended 31 August 2017 on 21 November 2017.
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Enquiries:
Focusrite Plc:
Tim Carroll (CEO) +44 1494 836301
Jeremy Wilson (CFO) +44 1494 836301
Panmure Gordon:
Freddy Crossley +44 20 7866 2968
Tom Salvesen +44 20 7866 2904
Belvedere Communications:
John West +44 20 3567 0510
Kim Van Beeck +44 20 3567 0510
Notes to Editors
Focusrite is a global music and audio products group supplying hardware and software products used by professional and amateur musicians, which enables the high quality production of music.
The Group has two established and rapidly growing brands: Focusrite and Novation. The Focusrite brand makes audio interfaces and other products for audio recording musicians. The Novation brand allows its customers to make electronic music using synthesisers and computer-enabled technology.
The Group has a global customer base with a distribution network covering approximately 160 territories. Focusrite is headquartered in High Wycombe, United Kingdom with marketing subsidiaries in Los Angeles and Hong Kong, and has around 190 employees.