10th Jul 2020 10:52
(Alliance News) - Focusrite PLC on Friday said it is "optimistic" going forward amid an increase in demand for Focusrite and ADAM products.
The AIM-listed music & audio products company said revenue and profit are currently ahead of the company's expectations for the year to the end of August.
The AIM-listed music & audio products company noted that the demand for Focusrite Audio Engineering and ADAM Audio products has been strong during the government-imposted lockdowns as a result of the Covid-19 pandemic, thanks to widespread availability globally through e-commerce platforms.
In addition, consumer registrations of products primarily focused on home recording equipment have risen.
Conversely, Focusrite said demand for Martin Audio products has been significantly lower than pre-Covid levels of expectation due to the suspension of live music tours and festivals.
Similarly, Focusrite Pro has seen muted performance, although the pipeline across education, post-production and installed sound is now showing signs of recovery, the company noted.
More positively, Focusrite said resellers and distributors have paid on time and therefore, combined with the higher revenue, cash flow has also been stronger than expected in the year to date.
"The group has performed well across all departments in these very trying times," said Chief Executive Tim Carroll.
Focusrite shares were trading 6.0% higher in London on Friday at 673.20 pence each.
By Evelina Grecenko; [email protected]
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