18th Mar 2020 18:26
(Alliance News) - Focusrite PLC on Wednesday said it was difficult to quantify the effects of the coronavirus on future trading, but the audio products company expects to post a rise in interim revenue.
The company reported that for the first half of the financial year ending August 31, revenue increased to approximately GBP50 million from GBP40.4 million last year. It expects to report interim earnings in late April.
Further, Focusrite said the outbreak of Covid-19 has caused disruption to deliveries from suppliers in China during February.
"This had some impact on half year revenue, given disruption to supply, but the board believes that existing stocks held by the Company and its distributors and dealers across the globe have been able to satisfy the majority of customer demand, which remains buoyant with consumer registration data indicating strong end-user sales. Consequently, underlying performance remains in line with current market expectations although it is hard to quantify the future disruption due to the impact of COVID-19 in the second half of the financial year," the company said.
Focusrite also said Chief Financial Officer Jeremy Wilson has decided to depart the company "to pursue a range of personal interests". The group said it will now start a formal recruitment process to find a replacement.
The stock closed flat at 440.000 pence on Wednesday.
By Arvind Bhunjun; [email protected]
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