Sales pick up at online retailer amidst volatile environment
Online musical equipment retailer, Gear4music, says it has managed to deliver improved momentum in a trading update for the six months to 30 September 2022.
The York-headquartered company achieved total sales growth of 2%, with total sales rising to £66.3m (2021: £64.7m) despite the problems reported in the business’s 9 September 2022 trading update.
Gear4music says even stronger European sales growth of 10% reflects the successful rollout of its Irish and Spanish distribution hubs last year.
The business adds current consensus market expectations for the year ending 31 March 2023 are revenue of £155.1m, EBITDA of £8.9m and pre-tax profits of £1.1m.
Chief executive officer, Andrew Wass, said: “We are pleased to have delivered sales growth during FY23 H1, a period which was impacted by the challenges reported in our 9 September 2022 trading update, and by the mourning period for Queen Elizabeth II including the additional UK bank holiday in mid-September.
“While mindful of continued uncertainty and volatility across the consumer environment, we are also pleased to report that trading momentum in both our UK and European markets improved towards the end of September, and we have continued to perform well during October to date.
“The Board remains confident that results for the full financial year will be in-line with recently updated consensus market expectations.”
The group will report its interim results for the six months ended 30 September 2022 on 15 November 2022.