Focusrite update hits the right note

AIM-listed audio products business Focusrite (LON:TUNE) has seen its share price rise by 5.32% to 1,031.10p (as of 11:30 GMT) after management said they expect revenues for the six months ending 28th February to be 80% above the comparative period. The company is also trading ahead of expectations in terms of profitability and full year performance is on track to beat market consensus.

CEO Tim Carroll commented: “We are delighted that consumer demand for Focusrite and ADAM products has remained very high. This has resulted in increased demand from the distributors and dealers, which has translated into strong sales momentum producing higher revenues, profits and cash generation in the first half of the financial year. How this demand may be affected by the easing of lockdowns around the world is hard to judge although we do expect Martin Audio to rebound as live events restart. The component supply situation is being caused by huge global demand for consumer electronics products. We believe that the constraint will be temporary and our relatively high volumes and excellent contract manufacturers have helped us to continue to satisfy that demand so far, but this remains a risk we are monitoring closely“.