Shares of York-based online music equipment retailer Gear4music regained some of their lost ground this week after it said on Thursday it expect profits for the financial year ended March 31, 2020, to be ahead of previous expectations.

Gear4music CEO Andrew Wass said: “In addition to the economic benefits of uninterrupted trading, we are driven by the knowledge that learning a new instrument or improving musical skills can bring enormous mental wellbeing benefits to people of all ages, particularly in challenging times like these.”

Gear4music said in a stock exchange statement: “As a result of the commercial and operational progress we have made during the last 12 months, we now expect profits for the financial year ended 31 March 2020 to be ahead of previous expectations.

“Following the necessary Government restrictions put in place to tackle the spread of COVID-19, we are pleased to say we have been able to quickly reconfigure our operations to ensure that we are keeping our teams safe.

“This has been due to the huge effort our incredible staff have made during this very challenging time.

“The health and safety of our employees and customers has been our absolute priority, and we have implemented fundamental changes across our business to ensure a safe environment in line with current Government guidance.

“Our call centre and administrative teams are successfully working from home, and we have implemented a wide range of social distancing measures and safety protocols designed to protect employees working in our distribution centres in the UK and Europe.”