Gear4music update hits the right notes

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1 mins. to read
Gear4music update hits the right notes

AIM-listed equipment retailer Gear4music (LON:G4M) saw its share price increase by 10.30% to 275.76p (as of 15:15 BST) after reporting total sales increased by 9% during the year ended 31st March. Gross margins were lifted by 310 basis points over the period and EBITDA will be not less than three times higher than during the prior 12 months.

CEO Andrew Wass commented: “I am very pleased to report that we have achieved our primary FY20 objectives of improving our operational strength and driving efficiencies in order to restore gross margins, resulting in record profits for the Group.

FY21 has begun with operational challenges relating to COVID-19, and our focus has been on protecting the health and safety of our employees, whilst ensuring service levels are maintained for our customers.

I am extremely grateful for the extraordinary hard work and commitment our teams have demonstrated, which has allowed us to successfully satisfy the high demand we have encountered since late March, as an increasing number of people recognise the benefits that playing musical instruments can bring during these difficult times.

We remain confident that our business is appropriately configured to achieve long term profitable growth, and that we are in a strong position to build upon the excellent progress we have made during FY20“.

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