Last checked at 19 Mar 2019 07:00
Strictly embargoed until 07.00, 19 March 2019
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 recording professionals and musicians around the world, is pleased to report that in the first half of the current financial year ending 31 August 2019, revenue has increased to approximately £40 million (H1 FY18: £38.8 million) and profits are also ahead when compared with the first half of the last financial year, which was a record period for the Group.
Sales have been particularly strong in Europe and the Focusrite portfolio of products has performed well globally. The Company has continued to invest in product development, innovation and sales and marketing in all divisions, ahead of two major product launches planned for summer and autumn 2019.
Conversion to cash has also remained positive and, as at 28 February 2019, net cash was £26.2 million, up from £22.8 million as at 31 August 2018 and £19.7 million as at 28 February 2018.
Tim Carroll, Chief Executive commented:
"We are pleased with the outcome for the half year with profit and cash having grown and revenue, in line with our expectations, slightly ahead of the record half year in 2018. We remain very watchful of macroeconomic and political factors that affect our business, most notably import tariffs in the US and Brexit uncertainty, but have in place strategies to deal with any significant changes to the status quo. The strength of our new product pipeline gives us confidence going forward and we already have several important launches planned during this year and the next."
The Company expects to issue its interim results for the period ended 28 February 2019 on 30 April 2019.
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This announcement contains insider information for the purposes of Article 7 of Regulatory (EU) No596/2014.
Enquiries:
Focusrite plc | +44 1494 836301 |
Tim Carroll (CEO) |
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Jeremy Wilson (CFO) |
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Panmure Gordon | +44 20 7886 2500 |
Freddy Crossley |
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Erik Anderson |
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Belvedere Communications | +44 20 3687 2756 |
John West |
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Kim van Beeck |
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Notes to Editors
Focusrite plc is a global music and audio products group that develops and markets proprietary hardware and software products. Used by recording professionals and musicians alike, its solutions facilitate the high-quality production of recorded and live sound. The Focusrite Group trades under four established and rapidly growing brands: Focusrite, Focusrite Pro, Novation and Ampify.
With a high-quality reputation and a rich heritage spanning decades, its brands are category leaders in the music-making industry. 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.
The Focusrite Group has a global customer base with a distribution network covering approximately 160 territories. Focusrite is headquartered in High Wycombe, UK, with marketing offices in Los Angeles and Hong Kong. Focusrite Plc is traded on the AIM market, London Stock Exchange.