Sunday, July 12, 2020

Gear4Music post revenue rise

Gear4Music, the York-based musical instruments and equipment retailer, has posted a 16% rise in profits for the six months ending 30 September 2019.

Profits were up from £42.5 million from the same period last year to £49.4 million. Interim results also revealed that operating profit was up by £500,000.

CEO Andrew Wass said: “This has been an important period of balancing sales growth with our primary objective of improving gross margins and profitability, and I am pleased to report tangible evidence that we are making good progress in achieving that objective.

“Having grown our revenues by more than 350% over the last four years, our recent focus has been on ensuring our operational infrastructure is able to keep pace with our increased scale, and I am very pleased with the progress we have made during the period in further developing our back-end systems and logistics platform.

“Having made these improvements, we expect to rebalance our development resources back towards growth orientated projects from next year, which alongside further systems improvements, we are confident will deliver long term growth in profits and revenues.

“As we approach the Christmas trading period, we will remain focused on improving profitability rather than driving growth in market share, particularly in the UK where the market remains highly competitive.”

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