// Gear4music posts rise in total sales to £120.3m
// UK sales reached £61.6m
// The retailer expects full-year EBITDA to be up from £2.3m in the previous year
Gear4music has reported a nine per cent rise in total sales to £120.3 million in the year to March 31.
The musical instruments retailer said its UK sales rose by five per cent to £61.8 million during the period while international sales climbed by 15 per cent to £58.5 million
Meanwhile, it expects its full-year EBITDA to be up from £2.3 million in the previous year.
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“I am very pleased to report that we have achieved our primary FY20 objectives of improving our operational strength and driving efficiencies in order to restore gross margins, resulting in record profits for the group,” Gear4music chief executive Andrew Wass said.
Gear4music said it has seen strong demand for its products since late March when the UK went into lockdown due to the coronavirus pandemic.
“We remain confident that our business is appropriately configured to achieve long term profitable growth, and that we are in a strong position to build upon the excellent progress we have made during FY20,” Wass added.
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