Gear4music in tune with sales up 46%
STRONG growth in the UK and Europe has seen retailer Gear4music’s sales rise 46%.
The group’s total sales reached £35.5m in the 12 months to February as it said strong European sales growth during 2016 was in part driven by competitive pricing.
More than 190,000 new customers were added in the period, while following a successful trial over Christmas, seven days a week dispatch and delivery has been continued across a large range of products, and continues to drive sales volumes and positive customer feedback, the business said.
Operating from an office, showroom and distribution centre in York, the group sells own-brand musical instruments and music equipment alongside premium third party brands including Fender, Yamaha and Gibson, to customers ranging from beginners to musical enthusiasts and professionals, in the UK and, more recently, into Europe.
Gear4music’s chief executive, Andrew Wass, said: “We have been extremely pleased with the trading performance of Gear4music over the year. It’s been a pivotal 12 months for the business as we’ve been able to deliver strong growth in both the UK and Europe, whilst completing our IPO.
“We continue to execute our strategy with proceeds from the IPO invested into stock, systems and website improvements which, combined with the hard work of our growing and talented team, has helped us to significantly increase our market share. This has resulted in revenues and profits for the financial year being at the higher end of the board’s expectations.
“We believe that the company is well capitalised and well positioned to continue implementing our profitable growth strategy, as we build on the success of our UK and international expansion with a constantly improving customer proposition.”
The company will report results for the financial year on May 10.
