Gear4music delivers strong full year growth
Online musical instruments retailer Gear4music has said it has experienced a “transformational” year with a strong uplift in sales and profit in the 12 months to 28 February.
Underlying operating profit climbed by 192% to £2.6 million while revenue rose by 58% to £56.1 million.
The company also grew the number of active customers by 50% to 340,000 and opened new distribution centres in Sweden and Germany.
Andrew Wass, Gear4music chief executive, said: “This has been a transformational year for the business, with further expansion of the Gear4music brand driving record sales and profits.
“In particular, we have seen significant expansion in our international business where sales have been very strong. We have therefore accelerated investment in our European infrastructure to improve our customer proposition and reach, most notably through the opening of two new distribution hubs in Sweden and Germany.”
Gear4music has recently exchanged contracts to acquire a 50,000 square foot freehold property at Holgate Park in York for £5.3 million. With completion scheduled for 30 June 2017, the property will become the company’s long-term head office.
Looking ahead, Wass said: “We are well positioned to deliver further growth and have plans in place to continue investing in our operational facilities and systems to support our growth plans. The next 12 months will be exciting as we move into our new head office in York, scale up our European operations, and enhance our worldwide proposition, and we remain confident in the long-term growth prospects for the group.”
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