Gear4Music grows revenue
Online musical instruments retailer Gear4Music has seen its revenue climb by 73% to £21.6 million in the six months to 31 August.
The company said the acceleration in growth was driven by rising website traffic and improved conversion rates.
Gear4Music also grew its number of active customers by 45% in the period.
Reported pre-tax profit was £966 million.
Meanwhile, adjusted EBITDA was 6.2% of revenue compared to 1.7% previously.
Andrew Wass, Gear4Music chief executive, said: “Whilst we continue to invest to grow the business it is pleasing to have generated significant profits during the last six months, when historically we’ve produced the majority of our profits during the second half of the year.
“Trading remains strong heading into our important Christmas period and the board considers the group well placed to deliver results for the full year that will be ahead of its previous expectations.”
UK revenue rose by 44% to £13.8 million while European revenue climbed by 169% to £7.8 million.
Wass added: “Accelerating sales growth into Europe, which represented 40% of our total sales during the last two months of the period, has reinforced our decision to expand our distribution capacity in Europe and further enhance our customer proposition.”
The company has also revealed that its software development team is to be brought in-house and expanded.
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