Gear4music shares up 10% on strong trading

Shares of York-based Gear4music (Holdings) plc, the largest UK based online retailer of musical instruments and music equipment, rose about 10% on Thursday, after it published a strong trading update.

“We are pleased to report that group trading performance in the 2021 calendar year to date continues to be strong,” said Gear4music.

“Both our UK and European operations have performed well post Brexit, helping to drive revenue growth and support margins that have exceeded our previous expectations.

“The board now expects EBITDA for the 12 months ending 31 March 2021 will be not less than £18.2m, up from the guidance provided on 14 January 2021 of not less than £16.5m.

“The group will provide a more detailed announcement regarding FY21 trading no later than 23 April 2021.”