Lockdown brings in more brass for Yorkshire musical instrument giant
MUSICAL instruments retailer Gear4music has reported strong trading ahead of its Christmas peak season as more people turn to music to keep themselves occupied and mentally healthy amid new lockdown restrictions.
The York- based firm, which is the UK’s biggest online retailer of musical instruments and music equipment, said customers appreciate the benefits music can bring in difficult times.
The group said sales rose 42 per cent to £ 70.2m in the six months to September 30 and strong trading momentum has continued in October.
Gear4music’s chief executive, Andrew Wass, said: “I am pleased to report that following an exceptional trading period, these strong trading patterns have continued throughout the second quarter, resulting in revenue growth of 42 per cent for the first half.
“Our customers are continuing to appreciate the benefits that playing and creating music can bring during these difficult times, as well as the continued convenience of ordering our products online.”
Gross profit rose 60 per cent to £ 20m.
“Building on the significant progress made during 2020, our focus on gross margin improvement, proportionally lower marketing spend and tightly controlled overhead costs is delivering tangible results,” Mr Wass added.
“Alongside the exceptional period of sales growth during the first quarter, the outcome will be financial results for the first half that are materially ahead of last year.”
The group said strong growth in sales and gross profits has continued during October, and preparations for what it expects to be a busy peak trading period are well advanced.
Mr Wass said: “We are mindful of the uncertainties posed by Brexit and Covid- 19, but are confident in the actions we are taking and the ability and commitment of our amazing staff, to ensure that the business is well positioned to overcome any potential short- term challenges.”
Results for the first half will be materially ahead of last year. Gear4music chief executive Andrew Wass.