26th Apr 2016 08:48
LONDON (Alliance News) - Focusrite PLC on Tuesday reported a fall in profit in the first half of its financial year resulting from increased charges it booked, but revenue grew as it added new products to its range.
The music and audio products company said pretax profit in the six months ended February 29 fell to GBP2.4 million from GBP3.5 million in the first half of the prior year, due to it booking a GBP0.7 million charge relating to the fair value of foreign exchange contracts. The prior year period saw a similar gain of GBP0.5 million.
Revenue, however, grew to GBP25.9 million from GBP23.8 million, boosted by new product releases.
Focusrite will pay an interim dividend of 0.65 pence, up from 0.6p the year before.
"Since the half-year end, March and April have been busy, productive months and revenue has continued to grow in line with expectations. The new Focusrite Red product range has started shipping, existing products continue to sell well and we are excited about further significant new products due for release in the second half of the financial year," Chief Executive Dave Froker said in a statement.
Shares in Focusrite were trading down 4.6% at 167.00 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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