Gear4music posts 58% increase in full year sales
Online musical instruments retailer Gear4music has reported a 58% increase in full year sales with a particularly strong performance in Europe.
In the 12 months to 28 February, total sales rose to £56.128 million from £35.489 million in the previous year.
UK sales grew by 34% while sales in Europe surged by 124%.
The company now expects its annual profits to be slightly ahead of expectations.
Gear4music’s chief executive Andrew Wass said: “We are extremely pleased with our trading performance over the last 12 months, with 58% sales growth being well ahead of our expectations at the start of the year.
“As expected, we have achieved especially strong growth in Europe and with our Swedish distribution centre opening in November last year and our German distribution centre commencing operations during the last few weeks, we look forward to building on our success on the continent.”
The company also grew its number of active customers by 49% over the year to 339,800.
Gear4music said it will continue to focus on its long-term growth strategy of investing in its people, products, websites and operational capabilities.
Wass added: “Whilst continuing to invest in the future growth of the business, we have closely managed our costs and the board is now confident of delivering profits for the year marginally ahead of our increased expectations signalled in January.”
