Shares of York-based Gear4music, the largest UK-based online retailer of musical instruments and music equipment, rose more than 5% on Friday after it released a trading update for its AGM. 

Gear4music said it remains confident that it is well-positioned to grow revenue and improve profitability.

Gear4music CEO Andrew Wass told the meeting: “The specific actions that we have undertaken to improve gross margins and ensure that the group is operationally robust ahead of our peak trading period continue to yield positive results. 

“As such, we remain confident that the group is well-positioned to grow revenue and improve profitability.

“Consequently, I am pleased to report that the group has continued to trade in line with the board’s expectations for the full year.”