ONLINE music instrument retailer Gear4music has increased the tempo with a 43% increase in first-half sales.
The York-based company, which floated on the Alternative Investment Market in June, had an upbeat maiden trading update for the markets, with revenues increasing to £12.5m in the six months to August 31.
This was driven by a 29% rise in visitors to its website and an expanded product range, with 11 brands being added as the total number of products offered rose to 29,000.
Its IPO raised £10m, which is funding further development of its ecommerce platform, and marketing and sales.
Gear4music chief executive officer Andrew Wass said: “We are very pleased with the continuing strong performance of Gear4music, which has traded comfortably in line with the board’s expectations in the first half of our financial year, and we believe we are well placed as we approach our important Christmas trading period.
“The funds raised in our recent IPO are allowing us to accelerate investment into our websites, product offering and specialist staff, to ensure our customers enjoy an even wider range of competitively priced products, backed up by our industry leading customer service, ordering convenience and delivery options.”
The company listed at 139p per share and there has been limited movement in the three months since flotation. Last night it closed at 141p, which valued the company at £28m.
