Gear4music reports full year loss
Online musical instruments retailer Gear4music made a net loss of £163,000 in its most recent financial year.
The company said it was forced to deal with a range of operational and commercial issues in the year. Remedial actions have included a review of all aspects of the business as it looks to reduce the chance of it being affected by the same issues in the year ahead.
However, revenue increased by 48% to £118.2 million as the number of active customers climbed by 53% to 727,000. UK revenue was up 44% while international sales climbed by 52%.
Looking ahead, Andrew Wass, Gear4music chief executive, said: “We are confident that we have the right strategy, customer proposition, financial resources and focus, to overcome the challenges of FY 19 and achieve our objectives of maximising customer satisfaction and delivering value to shareholders.”
