The price of shares in AIM-listed equipment retailer Gear4music (LON:G4M) increased by 5.66% to 718.51p (as of 15:20 GMT) after it reported a 42% increase in revenues for the half year ended 30th September. EBITDA was four times higher than during the comparative period and management said that the encouraging trade patterns had continued into November.
CEO Andrew Waas commented: “The material improvement in profitability we announce today reflects the excellent commercial and operational progress we have made during the last two years.
“COVID restrictions across Europe continue to accelerate our rate of sales growth, which alongside our previously stated strategies of improving gross margins and increasing operational efficiency, has resulted in record profitability during the six-month period.
“I would like to thank our hard-working staff for their colossal efforts and ongoing support in achieving this result, during what has been a very difficult and challenging time for everyone.
“We expect the significant growth in new customers achieved during the Period will benefit the Group in both the medium and longer term, as more people appreciate the benefits that playing and creating music can bring.“