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.