Gear4music full-year results to be ‘ahead of expectations’
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Gear4music has revealed its full year results will likely be ahead of expectations after it experienced strong sales growth in its first and second quarters.
The online musical instrument retailer saw its total sales rise 42% to £70.2m in the six months to 30 September, after UK sales increased by 48%.
The company also saw a big uptake in international sales which rose by 36%.
Gear4music said sales have continued into October ahead of its “traditional Christmas peak”.
Andrew Wass, Gear4music’s chief executive officer, said: “I am pleased to report that following an exceptional trading period in Q1 FY21, these strong trading patterns have continued throughout Q2 resulting in revenue growth of 42% for the first half.
“Our customers are continuing to appreciate the benefits that playing and creating music can bring during these difficult times, as well as the continued convenience of ordering our products online.”
He added: “Building on the significant progress made during FY20, our focus on gross margin improvement, proportionally lower marketing spend and tightly controlled overhead costs is delivering tangible results.
“Alongside the exceptional period of sales growth during Q1, the outcome will be financial results for H1 FY21 that are materially ahead of last year. Strong growth in sales and gross profits has continued during October, and preparations for what we expect to be a busy peak trading period are well advanced.”
