Gear4music (Holdings) PLC Trading Update (4069Y)
March 03 2017 - 1:00AM
UK Regulatory
TIDMG4M
RNS Number : 4069Y
Gear4music (Holdings) PLC
03 March 2017
3 March 2017
Gear4music (Holdings) plc
Trading Update
Gear4music (Holdings) plc ("Gear4music" or "the Group"), the
largest UK based online retailer of musical instruments and music
equipment, today announces a year-end trading update covering the
12 months to 28 February 2017.
GBP'000 12 months 12 months % change
to 28 February to 29
2017 February
2016
-------------- ---------------- ---------- ---------
UK sales 34,865 26,016 +34%
-------------- ---------------- ---------- ---------
European and
Rest of the
World sales 21,263 9,473 +124%
-------------- ---------------- ---------- ---------
Total sales 56,128 35,489 +58%
-------------- ---------------- ---------- ---------
Highlights
-- 58% increase in total like-for-like sales following continued
strong growth in the UK and Europe
-- 186% Scandinavian sales growth between November 2016 - when
the Swedish Distribution Centre opened - and February 2017
-- German Distribution Centre now operational
-- Active customer numbers increased by 49% over the year to 339,800
Gear4music's Chief Executive Officer, Andrew Wass, said:
"We are extremely pleased with our trading performance over the
last 12 months, with 58% sales growth being well ahead of our
expectations at the start of the year.
"As expected, we have achieved especially strong growth in
Europe and with our Swedish distribution centre opening in November
last year and our German distribution centre commencing operations
during the last few weeks, we look forward to building on our
success on the continent.
"We remain fully focused on our long-term growth strategy of
investing in our people, products, websites and operational
capabilities, to continually improve the customer proposition and
look forward to further progress in the year ahead.
"Whilst continuing to invest in the future growth of the
business, we have closely managed our costs and the Board is now
confident of delivering profits for the year marginally ahead of
our increased expectations signalled in January."
The Group will report results for the financial year on 9 May
2017.
- Ends -
For further information, please contact
Gear4music +44 20 3128 8100
Andrew Wass, Chief Executive Officer
Chris Scott, Chief Financial Officer
Panmure Gordon +44 20 7886 2500
(Financial Adviser, Nominated Adviser and Broker)
Andrew Godber / Peter Steel - Investment Banking
Erik Anderson / Tom Salvesen - Corporate Broking
MHP Communications (Financial PR) +44 20 3128 8100
Andrew Leach
Simon Hockridge
Pete Lambie
Background to Gear4music
Operating from an office, showroom and distribution centre in
York, and distribution centres in Sweden and Germany, the Group
sells Own-brand musical instruments and music equipment alongside
premium third party brands including Fender, Yamaha and Gibson, to
customers ranging from beginners to musical enthusiasts and
professionals, in the UK, Europe and, more recently, into the Rest
of the World.
Having developed its own ecommerce platform, with multilingual,
multicurrency and fully responsive design websites covering 19
countries, the Group has rapidly expanded its database and
continues to build its overseas presence.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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