Gear4Music half-year sales skyrocket 44%

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Gear4Music

Gear4music’s total revenue surged by 44 per cent to £31.219 million in the first half of its financial year.

In the six months to August 31, UK sales at the online musical instrument retailer increased 30 per cent while sales in Europe and the rest of the world saw a whopping 70 per cent growth.

Meanwhile, Gear4Music’s active customer numbers increased by 44 per cent to 390,000, and the retailer said its new distribution centres in Sweden and Germany experienced a “strong start”.

“We are very pleased with our trading performance over the last six months, with 44 per cent revenue growth being ahead of our expectation for [the first half] as indicated at the start of the year, and equates to two-year growth of 150 per cent,” chief executive Andrew Wass said.

“Revenue growth in our core UK market continues to be strong, alongside very strong growth in our international markets, driven by our new distribution centres improving our customer proposition resulting in market share gains across northern Europe.”

Looking ahead, Wass said Gear4Music remained “focused on delivering long-term sustainable growth through investment” in staff, products, websites and operational capabilities.

“Raising £4.2 million growth capital in May 2017 has enabled us to start accelerating investment in these key areas,” he added.

“The group continues to trade in line with our expectations and is well prepared for a busy seasonal period.”

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