Robust performance at online retailer despite Brexit related challenges

York-based online musical equipment seller, Gear4music, achieved total sales of £47.2m in the three months to 31 December 2021.

This compares with sales of £52.2m and £40.3m for the equivalent periods in 2020 and 2019 respectively. Gross profits for the business increased 27% compared to FY20 Q3.

Gear4music adds that its FY22 EBITDA continues to be in-line with consensus market expectations of £12m.

Chief executive officer, Andrew Wass, said: UK sales growth continued to be robust against what were exceptional revenues last year, and as previously reported, European growth has been restricted due to short-term Brexit related challenges.

“We are continuing to make good progress in scaling up our new European distribution centres in Ireland and Spain to strengthen our European customer proposition, and we expect European revenues to regain momentum as we head into FY23.

“We have a strong pipeline of new products, e-commerce system developments and new website features due to be launched throughout FY23, and as such, we remain confident in our long-term profitable growth strategy.”