Gear4music posts strong first half revenue growth
Gear4music, the online musical instruments retailer, increased its total revenue by 44% to £31.219 million in the first half of its financial year.
In the six months to 31 August, UK sales were up 30% while sales in Europe and the rest of the world saw growth of 70%.
Gear4music’s chief executive Andrew Wass (pictured) said: “We are very pleased with our trading performance over the last six months, with 44% revenue growth being ahead of our expectation for H1 as indicated at the start of the year, and equates to two-year growth of 150%.
“Revenue growth in our core UK market continues to be strong, alongside very strong growth in our international markets, driven by our new distribution centres improving our customer proposition resulting in market share gains across Northern Europe.”
During the period Gear4music grew its number of active customers by 44% to 390,000.
The company said the new distribution centres in Sweden and Germany had made a “strong start”.
Looking ahead, Wass added: “We remain focused on delivering long-term sustainable growth through investment in our people, products, websites and operational capabilities, and raising £4.2 million growth capital in May 2017 has enabled us to start accelerating investment in these key areas. The group continues to trade in line with our expectations and is well prepared for a busy seasonal period.”
