The UK’s largest music equipment retailer Gear4Music has seen a massive sales rise amid its full year results, driven by international sales growth.
In the 12 months to February 28, Gear4Music enjoyed a 43 per cent rise in total sales to £80.1 million.
Sales in the UK, its key market, grew 27 per cent to £44.2 million but its international arm was hot on its heels seeing a near-70 per cent rise to £35.8 million.
Its website conversion rates also grew from 2.75 per cent to 3.25 per cent, while active consumers shot up 39 per cent to 474,600.
READ MORE:
“We are very pleased to have grown our revenues from £56 million last year to £80 million this year, particularly given the heightened economic uncertainty that has impacted many retailers during the last 12 months,” chief executive Andrew Wass said.
“As previously communicated, in 2017 we focused on scaling-up our business to ensure we have the capacity for further growth, investing into our European distribution centres, our new head office in York, and expanding our platform development capability.
“EBITDA for the second half of FY18 will be ahead of the six-month period ended 28 February 2017, although as a result of the investments we have made during the year into our customer proposition, infrastructure, staff, systems and marketing, we expect EBITDA for the full financial year ended 28 February 2018 to be in line with our FY17 result.
“We are confident that we are well placed to significantly grow both revenues and profitability during the next 12 months, as margins normalise, and the up-front investments we have made clearly demonstrate their ongoing value to the business.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
