York-based online musical equipment retailer Gear4music said trading was in line with expectations ahead of its annual general meeting on Friday.

Its shares fell more than 7% on the London Stock Exchange.

Andrew Wass, executive chair of the UK’s largest retailer of musical instruments and music equipment, said: “We are pleased to report that trading during the financial year to date has been in line with the Board’s expectations.”

Consensus market expectations for the year ending 31 March 2025 are for revenue of £154.7 million, EBITDA of £11.7 million and profit before tax of £2.8 million.

“Having successfully reduced our net debt and operating costs during FY24, during the early stages of FY25 we have focused on implementing the growth strategy outlined in June and expect this to start delivering results in the second half of this year,” the company said.

“We are well prepared operationally for the upcoming seasonal peak trading period, and the Board remains confident of the delivery of our medium and longer-term profitable growth strategy.”

The company intends to release a trading update for the six-month period ending 30 September 2024 on 22 October, followed by half year results on 19 November.