24th Apr 2018 10:36
LONDON (Alliance News) - Audio software and hardware company Focusrite PLC said on Tuesday it saw double digit increases in profit and revenue for the first half of its financial year.
For the six months to the end of February, Focusrite reported s pretax profit of GBP5.8 million, up 27% from GBP4.6 million for the same period the year before, on revenue that grew by 21% to GBP38.8 million from GBP32.0 million.
Revenue rose by 26% on a constant currency basis, due to a strong Christmas holiday season for the more consumer-priced products, and growth in the company's professional product lines from Focusrite's newly formed Professional division.
Focusrite proposed an interim dividend of 1.0 pence per share, up 33% from 0.75 pence the year before.
"Our strategy of innovation and expansion continues to underpin our growth and we remain committed to making music easier to make for professionals and hobbyists alike. Our success is driven by our entrepreneurial and talented team, many of whom are themselves musicians, and their skill and loyalty is the bedrock of our success," said Chief Executive Officer Tim Carroll.
"I am delighted with the group's performance in the first half which benefited from an especially strong Christmas holiday season. Since the half year end, revenue and cash have continued to grow although, as expected, at a slower rate than in the first half. We remain confident about the outlook for the rest of the year and beyond: future product plans are taking shape, the geographic expansion continues and the strategy developments are bearing fruit," Carroll added.
Shares in Focusrite were up 6.1% at 435.00 pence on Tuesday.
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