Gear4music on track
Online musical instruments retailer Gear4music has reported that trading is currently in line with expectations in a statement released ahead of its AGM today.
The company will tell shareholders that its UK and international revenue growth has continued to be “strong” and that its European distribution centres are materially improving its customer proposition in Northern Europe. It expects further momentum in European sales during the second half of the financial year.
Gear4music's chief executive Andrew Wass will say at the meeting: “Our strategy of investing to deliver long term growth remains on track, and was further bolstered in May 2017 when we raised £4.2 million of additional growth capital in an oversubscribed placing. I would like to thank our existing and new investors for their support.”
Gear4music expects the current financial year to follow a more typical seasonal trading pattern, with a higher proportion of sales and profits being generated during the second half of the year than was the case in the previous year.
The first half of the current financial year will include the costs of embedding its new European distribution centres and setting up its recently acquired head office in York.
Wass added: “Based on the overall performance of the business during the financial year to date, the board is confident of another year of good progress."
The company will announce a trading update in relation to the six months ending 31 August in early September.
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