Thursday, February 25, 2021

Strong peak trading period for York’s Gear4Music

Demand for guitars, keyboards and home recording equipment has led to a successful peak trading period for Gear4Music, the York-headquartered musical instrument e-tailer.

For the three months to 31 December 2020, the company reported a 10% rise in UK sales. Sales to Europe and the rest of the world, meanwhile, increased 51% to £29.2 million.

Full-year EBITDA is therefore expected to be ahead of company expectation, and not less than £16.5 million (compared to £7.8m last year).

Chief Executive Andrew Wass said: “Strong growth during the period has been driven by products that can be used and played at home, including guitars, keyboards and home recording equipment.

“We know many of our customers are looking forward to rehearsing and performing together again, and as social distancing restrictions are eased, we expect our Live Sound, Drums and Orchestral categories to return to stronger growth.

“As expected, the end of the Brexit transition period and the UK’s departure from the EU customs union was not without its challenges, which we had extensively planned for and have carefully managed.

“New cross border processing costs have been introduced, alongside the added complexity and cost of additional rules of origin duties contained within the Brexit trade deal.

“The planned scale-up of our European hub infrastructure has provided a solid operational platform to help overcome these challenges, and also helped to mitigate the impact of port closures in December 2020 as a result of COVID.

“Whilst there are further refinements for us to make, I am pleased that the planned reconfiguration of our delivery systems and transport network has performed well, and has supported stronger trading since 1 January 2021 than the board had initially expected.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemichaving a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £31.50 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.




Latest news

Work begins on Huddersfield Blueprint project

A major Blueprint project will begin next week, as demolition work starts at Huddersfield’s Market Car Park. In order to carry out the works one...

Online courses explore storage, discharge and handling of bulk materials

The issues surrounding the safe handling and storage of bulk materials is examined during 2 on-line short courses; one looking at the difficulties encountered...

Development agreement signed for Sheffield Olympic Legacy Park masterplans

A development agreement has been signed for the 850,000 sq ft masterplan at Sheffield Olympic Legacy Park. A development agreement between Sheffield City Council and...

Brexit challenges threaten to slow Yorkshire & the Humber’s manufacturing comeback

Brexit issues are causing SME manufacturers in Yorkshire & the Humber significant disruption as they look to recover from the economic effects of COVID-19. The...

Event to explore low carbon investment in the Humber

Business leaders are being urged to join a high-profile event aimed at helping secure billions of pounds of investment to make the Humber a...

First phase of £5.5m Marrtree Business Park completes in Thirsk

Marrtree Investments has completed the first 40,000 sq ft, £3 million phase of its £5.5 million Marrtree Business Park at Thirsk. Tenants have already signed...

Related news

Work begins on Huddersfield Blueprint project

A major Blueprint project will begin next week, as demolition work starts at Huddersfield’s Market Car Park. In order to carry out the works one...

Online courses explore storage, discharge and handling of bulk materials

The issues surrounding the safe handling and storage of bulk materials is examined during 2 on-line short courses; one looking at the difficulties encountered...

Development agreement signed for Sheffield Olympic Legacy Park masterplans

A development agreement has been signed for the 850,000 sq ft masterplan at Sheffield Olympic Legacy Park. A development agreement between Sheffield City Council and...

Brexit challenges threaten to slow Yorkshire & the Humber’s manufacturing comeback

Brexit issues are causing SME manufacturers in Yorkshire & the Humber significant disruption as they look to recover from the economic effects of COVID-19. The...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close