19th Mar 2019 10:54
LONDON (Alliance News) - Focusrite PLC on Tuesday said revenue rose 3.1% in the first half of its financial year, amid particularly strong sales in Europe.
The music and audio products company said revenue in the six months to February 28 was GBP40 million, up from GBP38.8 million a year before.
Focusrite also said profit was ahead of a year before, but it did not provide exact figures.
Two major product launches are scheduled for summer and autumn of 2019, with Focusrite continuing to invest in product development, innovation, sales and marketing in anticipation.
The company's conversion to cash has remained positive, it said, and net cash was up to GBP26.2 million as of February 28 from GBP22.8 million on August 31 and at GBP19.7 million a year before.
"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," Chief Executive Tim Carroll said, adding: "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 stock was trading up 1.7% on Tuesday at 526.00 pence.
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