York’s Gear4music sees sales rise 68% during lockdown

Shares of York-based online music equipment retailer Gear4music rose almost 30% on Thursday after it reported a 68% rise in sales to £37.3 million in the three months to June 30, 2020.

Gear4music shares have soared more than 100% so far this year.

Gear4music CEO Andrew Wass said: “As previously reported, the COVID-19 lockdown created an exceptionally strong period of trading for the group during April and May 2020, and further strong trading in June resulted in Q1 revenue growth of 68% compared with the same period last year.

“The strong trading momentum has continued into July, and we continue to achieve higher gross margins and with a lower marketing cost than we would typically expect, alongside a controlled cost base.

“As a result, and whilst still early in the current financial year, the board is confident that a significant improvement in profits will be achieved for the full financial year, which are now expected to be meaningfully ahead of our previous expectations.”