Gear4Music in tune with forecast after sales reach £49m

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Gear4Music Andrew Wass CEO trading update
UK sales rose 3% to £24.8 million, while international sales climbed by 33% to £24.6 million
// Gear4Music continues to trade in line with its full year EBITDA expectations in the run up to Christmas
// In the six months to September 30, total sales grew 16% to £49.4m

Gear4Music has reported that its sales have reached almost £50 million in the six months to September 30.

Total sales for the musical instruments retailer grew by 16 per cent to £49.4 million during the period.

UK sales saw a mere three per cent rise to £24.8 million, while international sales climbed by 33 per cent to £24.6 million.


READ MORE: Gear4Music sales soar despite delivering a loss to the tune of £600k


Meanwhile, gross profit increased by 29 per cent from £9.6 million to £12.4 million.

“I am very pleased to report that we have achieved our primary objective for the period of materially improving our gross margins,” Gear4music chief executive Andrew Wass said.

“By cutting out less profitable sales and focusing on higher margin products, we have delivered an full year 2020 first half gross margin of 25.2 per cent and a 29 per cent increase in gross profit.”

Gear4music added that it remained confident as it is continuing to trade in line with its full year EBITDA expectations in the run up to the crucial Christmas trading period.

“Our re-focused growth strategy is now in place and we are confident that the business is effectively configured to achieve a sustainable level of profitable growth,” Wass said.

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