Gear4music posts strong full year sales uplift
Gear4music saw its total sales increase by 9% to £120.3 million in the year to 31 March.
The online musical instruments retailer increased its UK sales by 5% to £61.8 million in the period while international sales climbed by 15% to £58.5 million
In statement, the retailer said its full year EBITDA will be not less than £7 million. This will be up from £2.3 million in the previous year.
Gear4music’s chief executive Andrew Wass said: “I am very pleased to report that we have achieved our primary FY20 objectives of improving our operational strength and driving efficiencies in order to restore gross margins, resulting in record profits for the group.”
The company revealed that it has seen strong demand for its products since late March when the UK went into lockdown due to the covid-19 pandemic.
Looking ahead, Wass added: “We remain confident that our business is appropriately configured to achieve long term profitable growth, and that we are in a strong position to build upon the excellent progress we have made during FY20.”
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