Musical instrument retailer Gear4music has recorded skyrocketing profits and sales in its second full year since it floated on the alternative investment market (AIM).
For the 12 month period until February 28, the retailer rakes in £56.12 million in revenues, a 58 per cent spike compared to the previous year’s £35.48 million.
While gross profit grew 65 per cent year-on-year from £9.18 million to £15.14 million, underlying EBITDA more than doubled, with a 115 per cent jump from £1.68 million to £3.61 million.
On the other hand, pre-tax profit stood at £2.63 million, from a base of £6000, while active customer numbers grew by 50 per cent to 340,000.
Meanwhile, sales in the retailer’s international markets grew a whopping 124 per cent thanks to investment in its European infrastructure, such as new distribution centres in Sweden and German.
Gear4music said last year a “transformational” one, driven by improved margin performance and “record profits”.
Chief executive Andrew Wass said: “Our growth has been underpinned by the quality of our bespoke ecommerce platform and we continue to drive innovation in this area to further improve our systems and websites, both in the UK and overseas.”
Gear4music is poised to move into its new head office in York and plans to further enhance its European operations.
“We begin our current financial year with good momentum and continued appetite from customers around the world for our market leading service and product offering,” Wass said.
“We are well positioned to deliver further growth and have plans in place to continue investing in our operational facilities and systems to support our growth plans.”