Shares of York-based international online music equipment retailer Gear4music rose another 4% on Tuesday after it said its trading remained strong throughout July and August.
The company’s shares are up 194% for the past 12 months to give it a current stock market value of around £120 million.
On July 23, Gear4music reported a 68% rise in sales to £37.3 million in the three months to June 30, 2020.
On June 23, Gear4music published results for the year ended March 31, 2020, and reported “exceptionally strong trading in April and May 2020” during the coronavirus lockdown.
Gear4music’s CEO Andrew Wass said in June that an increasing number of people throughout the COVID-19 lockdown recognised “the benefits that playing, creating and recording music can bring.”
On Tuesday, Wass told the company’s AGM: “Following the exceptional period of revenue growth during Q1 FY21, I am pleased to report that trading has remained strong throughout July and August, with the group continuing to generate improved margins alongside proportionally lower marketing costs compared to the same period in the prior year.
“Whilst still relatively early in the current financial year, the board remains confident that results for the full year will be at least in line with our recently upgraded expectations.”