Online retailer expects year end profits to be up

Online retailer of musical instruments and music equipment, Gear4Music, has said it believes profits for the financial year ended 31 March to be ahead of previous expectations.

In a trading update, the York-based firm explained this is the result of “the commercial and operational progress we have made during the last 12 months”.

The news follows the business reporting like for like sales in the UK and Europe were up 6% and 7% respectively for the two months 31 December.

The firm today reported that it had quickly reconfigured its operations as a result of Covid-19. All of its call centre and administrative teams are working from home. It has also implemented social distancing measures and safety protocols to protect employees working in its distribution centres in the UK and Europe.

Gear4music’s chief executive officer, Andrew Wass, said:”Whilst it is impossible to predict what further operational actions may become necessary during the coming weeks and months, we remain committed to operating safely and serving our valued customers for as long as Government guidance allows. In addition to the economic benefits of uninterrupted trading, we are driven by the knowledge that learning a new instrument or improving musical skills can bring enormous mental wellbeing benefits to people of all ages, particularly in challenging times like these.”