4th Mar 2016 08:48
LONDON (Alliance News) - Gear4music (Holdings) PLC, the AIM-listed music retailer, on Friday said revenue and profit for its recently ended financial year were at the higher end of board expectations.
The company, which sell musical instruments and equipment online, said total sales rose by 46% to GBP35.5 million in the 12 moths to February 29, versus GBP24.2 million the prior year.
UK sales were up 39% to GBP26.0 million, while European sales were up 73% to GBP9.5 million.
"We believe that the company is well capitalised and well positioned to continue implementing our profitable growth strategy, as we build on the success of our UK and international expansion with a constantly improving customer proposition," Andrew Wass, chief executive officer, said.
The company will report results for the financial year on May 10.
Shares in Gear4music were up 7.3% at 141.05 pence on Friday morning. Its initial public offering in May 2015 was priced at 139.00p and enabled the company to raise about GBP9.0 million in net proceeds.
By Samuel Agini; [email protected]; @samuelagini
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