Gear4music eyes results ‘ahead of expectations’

Shares of York-based international online music equipment retailer Gear4music rose another 5% on Tuesday after it said its results for the full financial year “will be ahead of recently upgraded consensus market expectations.”

The company’s shares have risen from around 140p in March to 715p on Tuesday as sales of musical instruments and equipment soared during lockdown.

Gear4music published results for the six months ended September 30, 2020, showing revenue up 42% to £70.2 million.

Pre-tax profit for the first half was £5.75 million compared with a loss of £279,000 year-on-year.

The company said 403,000 new customers purchased during the period, a 52% increase on H1 FY20.

“Trading continues to be very strong into November and as such, the board is confident that results for the full financial year will be ahead of recently upgraded consensus market expectations,” said Gear4music.

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.