9th Dec 2015 08:43
LONDON (Alliance News) - Focusrite PLC on Wednesday reported a rise in pretax profit in its first set of full-year results since listing on AIM last December, and said revenue in the first quarter of its new year has been ahead in spite of slower-than-expected initial sales of its new products.
Focusrite supplies hardware and software products for music production.
For the year to end-August, the company reported a pretax profit of GBP6.5 million, up from GBP5.8 million a year before, as a rise in revenue to GBP48.0 million from GBP41.0 million was partly offset by a rise in administrative expenses. Revenue growth was driven by 19 new product launches during the year.
The company proposed a maiden final dividend of 1.2 pence, taking its total dividend for the year to 1.8p.
Focusrite said that products it launched at the end of the financial year have been well received, and its revenue for the first quarter was ahead of the first quarter of the previous year despite slower-than-expected initial sales of the new products. Its existing products continued to perform as expected, the company said.
"Notwithstanding the weaker euro, our continued significant investment in R&D and an exciting new launch schedule for the current year give us confidence that FY16 will be a further year of revenue growth," said Chief Executive Officer Dave Froker in a statement.
The market appeared unconvinced Wednesday morning. Shares in Focusrite were down 18% at 155.00 pence, one of the biggest fallers on the London main market.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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