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Gear4music posts revenue uplift but slips to half-year loss

Gear4Music saw its revenue increase by 2% to £66.3 million in the six months to 30 September. Sales in the UK declined by 3% due to… View Article

GENERAL MERCHANDISE NEWS

Gear4music posts revenue uplift but slips to half-year loss

Gear4Music saw its revenue increase by 2% to £66.3 million in the six months to 30 September.

Sales in the UK declined by 3% due to a strong prior year comparative and a return to more normal trading patterns post Covid. However European sales grew by 10% following an improved localised customer proposition.

The results meant that Gear4music posted a loss of £1.1 million compared to a profit of £1.1 million at the same time in the prior year.

The retailer said EBITDA was in-line with its revised expectations at £2.7 million. This compares to £4.8 million a year earlier.

Andrew Wass (pictured), Gear4music chief executive. said: “Our FY23 H1 trading results reflect previously reported challenges, including inflationary pressures on our cost base, the cost-of-living crisis affecting consumer confidence, unusually hot weather during the summer months, and comparison to the last of the Covid-enhanced figures in FY22 Q1.

“Whilst we have adapted to the challenges of the last six months, we have also remained focused on our longer-term growth strategy, delivering a wide range of customer centric improvements throughout the business.”

Gear4music made several website upgrades in the period, including the introduction of a facility for customers to create their own customised audio packages. It also extended evening cut-off times for next day delivery and upgraded its digital downloads sales platform.

Giving an update on current trading, the retailer said an improved trading momentum has continued into November and that its full-year outlook remains in-line with market expectations.

Wass added: “I am pleased to report that we have seen a consistent improvement in trading momentum during the last two months, despite continuing macro volatility. We are also well prepared for our peak seasonal trading period.”

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