Shares of York-based online music equipment retailer Gear4music rose more than 12% on Thursday after it issued a strong trading update for the two months to December 31, 2019.

Gear4music said it now expects profits for the current financial year “to be at least in line with the board’s expectations.”

Sales for the two months were up 7% to £30.4 million.

Gear4music CEO Andrew Wass said: “I am very pleased to report a successful FY20 peak trading period, that reflects the commercial and operational progress we have made across the business during the last calendar year.

“As previously communicated, our primary FY20 objective has been to improve our operational strength and efficiency, gross margins and profitability relative to quickly growing market share during FY19.

“Our upgraded infrastructure demonstrated its resilience and capacity over the Black Friday to Cyber Monday weekend, and we comfortably dispatched over 26,000 consignments, which was 34% more than last year’s Black Friday weekend.

“Our three distribution locations have the capacity headroom required to achieve our medium-term objectives without the need for further significant investment, as we return to focusing on and delivering new growth orientated projects during FY21.

“We are pleased to report that as a result of our focused strategic and operational initiatives, profits for the current financial year are expected to be at least in line with the board’s expectations.

“We remain confident in the medium to long term growth opportunity, whilst continuing our focus on improving gross margins and sustainable profitability.”