Gear4music returns to revenue growth
Gear4music has returned to revenue growth following the launch of its updated growth strategy.
The online musical instruments retailer saw its revenue increase by 1% in its second quarter following a fall of 4% in the first. This meant that revenue in the six months to 30 September edged down 1% to £61.7 million after it increased by 4% in the UK and declined by 9% in Europe and the rest of the world.
Gear4music is expecting its reported pre-tax loss for the first half to improve by £0.7 million to £1.2 million on the same period in the previous year.
Andrew Wass, Gear4music’s executive chair, said: “We are pleased to report good progress in executing the growth strategy we announced in June, with a return to growth in FY25 Q2 and further growth momentum during October trading to date.
“We are also pleased to have further reduced our net debt, and improved our overall profitability compared with the same period last year.”
During the period, the retailer acquired the brand, IP and other assets of Studiospares Europe, which offers high quality studio equipment and accessories, to expand its own-brand portfolio.
Looking ahead, Wass said: “As we enter our peak trading season, which has historically been a key driver of our profits and revenues, the board is confident that our full-year outlook remains in-line with consensus market expectations.”
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