Gear4Music reports uplift in sales and profits
Online musical instrument retailer Gear4Music saw its sales increase by 46% in the year to 29 February.
UK revenue grew by 39% to £26 million while European revenue climbed by 73% to £9.5 million.
Adjusted pre-tax profit was £0.6 million compared to a loss of £0.6 million in the previous year.
Meanwhile, adjusted EBITDA was £1.7 million compared to £0.8 million previously.
The company, which completed its IPO in June 2015, said the number of active customers purchasing products in the last 12 months increased by 34% to 226,000. There was also a strong uplift in website traffic.
Andrew Wass, Gear4Music chief executive, said: “In our first set of annual results as a listed company, it’s very pleasing to be reporting a record year with strong growth across our core UK business and excellent progress into European markets, which has led to increased revenues and profits.
“We have achieved this growth by investing into our website platform, infrastructure and product ranges, strengthening our customer offer, and establishing ourselves as the go-to online destination for musical instruments and equipment.”
The investment in platform development included new customer options such as online consumer finance and weekend delivery.
Gear4Music has also extended its product range with new own-brand lines including pianos, studio microphones and stage lighting.
Wass added: “With over 10 million visitors to our websites during the year, improved conversion and an increasing number of active customers, our investment strategies are delivering the growth we anticipated, and following strong sales momentum in both the UK and internationally during the first two months of the new financial year, we remain optimistic for the year ahead.”
