Europe sales music to the ears of Gear4Music chief executive

Gear4Music chief executive Andrew Wass

Gear4Music’s performance in European markets has seen revenues soar.

For the 12 months to February 2017, the company said that sales increased 34%, to £34.8m.

This was largely down to a major increase in European business, which increased 124% during the period. It more than doubled its revenues of £9.4m the year before to £21.3m during the period.

Gear4music’s chief executive officer, Andrew Wass, said: “We are extremely pleased with our trading performance over the last 12 months, with 58% sales growth being well ahead of our expectations at the start of the year.

“As expected, we have achieved especially strong growth in Europe and with our Swedish distribution centre opening in November last year and our German distribution centre commencing operations during the last few weeks, we look forward to building on our success on the continent.

“We remain fully focused on our long-term growth strategy of investing in our people, products, websites and operational capabilities, to continually improve the customer proposition and look forward to further progress in the year ahead.

“Whilst continuing to invest in the future growth of the business, we have closely managed our costs and the Board is now confident of delivering profits for the year marginally ahead of our increased expectations signalled in January.”

 

Close