Gear4music is the largest UK based retailer of musical instruments and music equipment. The Chief Executive Officer, Andrew Wass, has made the following statement:
“I am pleased to report that Gear4music’s trading performance in the financial year to date is in line with the Board’s expectations. UK and International revenue growth has continued to be strong relative to a very strong H1 FY17, and our new European distribution centres are materially improving our customer proposition in Northern Europe. We anticipate further momentum in European sales during the second half of the financial year.
Our strategy of investing to deliver long term growth remains on track, and was further bolstered in May 2017 when we raised £4.2m of additional growth capital in an oversubscribed placing. I would like to thank our existing and new investors for their support.
As previously outlined, the current financial year is expected to follow a more typical seasonal trading pattern, with a higher proportion of sales and profits being generated during the second half of the year than was the case in the previous year. Also, as previously notified, the first half of the current financial year will include the costs of embedding our new European distribution centres and setting up our recently acquired Head Office in York. Based on the overall performance of the business during the financial year to date, the Board is confident of another year of good progress.”