Focusrite PLC Trading Update (5666Q)
September 13 2017 - 1:01AM
UK Regulatory
TIDMTUNE
RNS Number : 5666Q
Focusrite PLC
13 September 2017
Strictly embargoed until: 07.00, 13 September 2017
Focusrite Plc
("the Company")
Trading Update
Focusrite Plc (AIM: TUNE), the global music and audio products
company, supplying proprietary hardware and software products used
by professionals and amateurs around the world, is pleased to
report that in the second half of the financial year, revenue and
profits have grown compared with the first half of the current
year. This growth has been driven by a combination of factors
including improved sales of product, some foreign exchange benefits
and the continuing effective management of gross margin.
As a result, revenue for the financial year ending 31 August
2017, is expected to be approximately GBP66 million, up from
GBP54.3 million in the same period last year. This represents an
increase of around 13% on a constant currency basis.
Working capital management has also been improved further in the
second half and, as at 31 August 2017, net cash was GBP14.2
million, up from GBP5.6 million on 31 August 2016 and GBP9.4
million on 28 February 2017.
Tim Carroll, Chief Executive commented:
"The business has had a great year, with strong sales of both
our Focusrite and Novation ranges. We continue to improve and
expand our portfolio of solutions to address the needs of our broad
customer range and we are pleased that our efforts have been
rewarded with strong demand, market acceptance and financial
success."
The Company expects to issue its final results for the year
ended 31 August 2017 on 21 November 2017.
- ends -
Enquiries:
Focusrite Plc:
Tim Carroll (CEO) +44 1494 836301
Jeremy Wilson (CFO) +44 1494 836301
Panmure Gordon:
Freddy Crossley +44 20 7866 2968
Tom Salvesen +44 20 7866 2904
Belvedere Communications:
John West +44 20 3567 0510
Kim Van Beeck +44 20 3567 0510
Notes to Editors
Focusrite is a global music and audio products group supplying
hardware and software products used by professional and amateur
musicians, which enables the high quality production of music.
The Group has two established and rapidly growing brands:
Focusrite and Novation. The Focusrite brand makes audio interfaces
and other products for audio recording musicians. The Novation
brand allows its customers to make electronic music using
synthesisers and computer-enabled technology.
The Group has a global customer base with a distribution network
covering approximately 160 territories. Focusrite is headquartered
in High Wycombe, United Kingdom with marketing subsidiaries in Los
Angeles and Hong Kong, and has around 190 employees.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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