Revenue rise at listed music retailer

York-based musical instruments and equipment business Gear4Music has seen its revenues climb to £49.4m for the six months ending 30 September 2019.

This is a 16% increase from last year’s revenue figure of £42.5m. The company’s interim results also report that operating profit increased by £0.5m, with the EBITDA measure of operating performance up by 206% to £2m.

Andrew Wass, chief executive officer at Gear4Music, said: “This has been an important period of balancing sales growth with our primary objective of improving gross margins and profitability, and I am pleased to report tangible evidence that we are making good progress in achieving that objective.

“Having grown our revenues by more than 350% over the last four years, our recent focus has been on ensuring our operational infrastructure is able to keep pace with our increased scale, and I am very pleased with the progress we have made during the period in further developing our back-end systems and logistics platform.

“Having made these improvements, we expect to rebalance our development resources back towards growth orientated projects from next year, which alongside further systems improvements, we are confident will deliver long term growth in profits and revenues.

“As we approach the Christmas trading period, we will remain focused on improving profitability rather than driving growth in market share, particularly in the UK where the market remains highly competitive.”