Gear4music posts strong full year sales growth
Gear4music, the online musical instruments retailer, has reported a 43% increase in full year revenue following strong growth in the UK and Europe.
In the year to 28 February 2018, UK sales rose by 27% while sales in Europe climbed by 69%.
Andrew Wass, Gear4music's chief executive, said: "We are very pleased to have grown our revenues from £56 million last year to £80 million this year, particularly given the heightened economic uncertainty that has impacted many retailers during the last 12 months.
“As previously communicated, in 2017 we focused on scaling-up our business to ensure we have the capacity for further growth, investing into our European distribution centres, our new head office in York, and expanding our platform development capability.”
The company said EBITDA for the second half of the financial year ending 28 February 2018 will be ahead of the same period in the previous year, although investments it has made during the year in its customer proposition, infrastructure, staff, systems and marketing, means it expects EBITDA for the full financial year ending 28 February to be in line with the previous year’s result.
Wass added: “We are confident that we are well placed to significantly grow both revenues and profitability during the next 12 months, as margins normalise, and the up-front investments we have made clearly demonstrate their ongoing value to the business."
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