Gear4music (Holdings) PLC Trading Update (0646A)
18 Janeiro 2024 - 4:00AM
UK Regulatory
TIDMG4M
RNS Number : 0646A
Gear4music (Holdings) PLC
18 January 2024
18 January 2024
Gear4music (Holdings) plc
Trading Update
Peak season trading in-line with Board expectations, strong
margin progress, trading in line with full year market
expectations
Gear4music (Holdings) plc ("Gear4music" or "the Group"), the
largest UK based online retailer of musical instruments and music
equipment, today announces a trading update for the three months to
31 December 2023.
GBPm 3m to 31 3m to 31 % change
Dec 2023 Dec 2022 on FY23
Q3
UK revenue 26.2 26.0 +1%
---------- ---------- ---------
European and Rest of the World
revenue 20.2 23.5 (14%)
---------- ---------- ---------
Total revenue 46.4 49.5 (6%)
---------- ---------- ---------
FY24 Q3 Highlights
- Revenues reflect previously announced FY24 prioritisation of
gross margins ahead of sales growth
- Strong gross margin of 28.2% (FY23 Q3: 25.6%) more than offsets lower revenues
- Gross profit of GBP13.1m (FY23 Q3: GBP12.7m) is GBP0.4m higher than FY23 Q3
- Delivery of cost reductions in line with the Board's expectations
- FY24 EBITDA and net debt reduction in-line with consensus market expectations*
Gear4music's Chief Executive Officer, Andrew Wass, said:
"We are pleased to report that financial performance during our
FY24 peak seasonal trading period was in line with the Board's
expectations, and we have continued to make good progress with our
previously stated objective of prioritising profitability ahead of
revenue growth.
As anticipated Christmas trading returned to 'historically
normal' patterns, with a robust Black Friday period and peak
revenues occurring the week before Christmas, following a
relatively subdued period of trading in October and early
November.
January trading to date continues to be in line with the Board's
expectations. We are confident that the actions we have taken
during FY24 to improve our gross margins and reduce our cost base
and net debt ensure that the business is well positioned for
profitable growth during FY25."
* Gear4music believes that current consensus market expectations
for the year ending 31 March 2024 are revenue of GBP144.1 million,
adjusted EBITDA of GBP9.8 million, adjusted profit before tax of
GBP1.3 million, and pre-IFRS16 net debt of GBP11.6 million.
ENDS
Enquiries:
Gear4music
Andrew Wass, Chief Executive Officer
Chris Scott, Chief Financial Officer +44 (0)20 3405 0205
Singer Capital Markets - Nominated Adviser
and Broker
Peter Steel/Sam Butcher, Corporate Finance
Tom Salvesen, Corporate Broking +44 (0)20 7496 3000
Alma - Financial PR +44 (0)20 3405 0205
Rebecca Sanders-Hewett Gear4music@almastrategic.com
Joe Pederzolli
David Ison
About Gear4music (Holdings) plc
Operating from a Head Office in York, Distribution Centres in
York, Bacup, Sweden, Germany, Ireland & Spain, and showrooms in
York, Bacup, Sweden & Germany, the Group sells own-brand
musical instruments and music equipment alongside premium
third-party brands including Fender, Yamaha and Roland, to
customers ranging from beginners to musical enthusiasts and
professionals, in the UK, Europe and the Rest of the World.
Having developed its own e-commerce platform, with multilingual,
multicurrency websites delivering to over 190 countries, the Group
continues to build its overseas presence.
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END
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January 18, 2024 02:00 ET (07:00 GMT)
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