Gear4Music, the listed York-based online seller of musical instruments and equipment, has reported a rise in revenues.
For the twelve months ended 31 March 2020, the retailer posted revenues of £120.30 million – a 2% rise on the thirteen months to 31 March 2019.
Gross profits for the same period rose 16% to reach £31.2 million – up from £26.9 million.
Moreover, the company saw an increase in EBITDA from £5.5 million to £7.8 million. IT also recorded pre-tax profits of £3.1 million compared to a £600,000 loss last year.
“As a result of the efforts across our team and the excellent commercial and operational progress we have made over the past 12 months I am pleased to report that profits for the year are ahead of the board’s expectations,” said CEO Andrew Wass.
“With an increasing number of people throughout the COVID-19 lockdown recognising the benefits that playing, creating and recording music can bring, we have seen a significant increase in demand during this exceptional period.
“Positive sales trends with improved margins have continued into June, and we have also incurred lower marketing costs than we would typically expect.
“The improvements we have made during FY20, and the exceptionally strong trading we have experienced during the lockdown period, mean we are financially stronger and better placed than ever to make the most of future growth opportunities within our market.”