Gear4music sales up 43% in first half
Gear4music, the online musical instrument and equipment retailer, has reported that total sales rose by 43% to £12.5 million in the six months to 31 August.
In its first trading update since its flotation on London’s Alternative Investment Market in June, the company said UK sales were up 38% to £9.6 million while European sales surged by 60% to £2.9 million.
During the period, Gear4Music expanded its range of products by signing up 11 new brands and launching more own brand products. This took the total number of products available to over 29,000 from 27,400 at the start of the financial year.
The company grew its number of active customers by 32% to 400,000.
Gear4music chief executive, Andrew Wass, said: “We are very pleased with the continuing strong performance of Gear4music, which has traded comfortably in line with the board’s expectations in the first half of our financial year, and we believe we are well placed as we approach our important Christmas trading period.
“The funds raised in our recent IPO are allowing us to accelerate investment into our websites, product offering and specialist staff, to ensure our customers enjoy an even wider range of competitively priced products, backed up by our industry leading customer service, ordering convenience and delivery options.“
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