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Gear4Music notes harmonious results

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Gear4Music has reported stellar results for its year to 29 February. The musical instrument retailer saw a 46% sales rise from 2015.

Total UK revenue rose by 39% to £26m and European sales soared by 73% to £9.5m. Adjusted pre-tax profit was £0.6m in comparison to a loss of the same figure year on year.

The musical chain found that the number of customers purchasing products in the last year increased by 34% to 226,000. This had a positive effect on the retailer’s website traffic also which now offers online customer finance and weekend delivery options.

"In our first set of annual results as a listed company, it's very pleasing to be reporting a record year with strong growth across our core UK business and excellent progress into European markets, which has led to increased revenues and profits” said Andrew Wass, Gear4Music Chief Executive.

"We have achieved this growth by investing into our website platform, infrastructure and product ranges, strengthening our customer offer, and establishing ourselves as the go-to online destination for musical instruments and equipment.”

"With over 10 million visitors to our websites during the year, improved conversion and an increasing number of active customers, our investment strategies are delivering the growth we anticipated, and following strong sales momentum in both the UK and internationally during the first two months of the new financial year, we remain optimistic for the year ahead" Wass added.

 

 

Published on Tuesday 10 May by Talya Misiri

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