Focusrite revenues boosted by strong European showing
By Iain Gilbert
Date: Tuesday 19 Mar 2019
(Sharecast News) - Music and audio products supplier Focusrite saw revenues move ahead in the first half of its trading year, driven by particularly strong sales in Europe.
Sales in Focusrite's current financial year ending 31 August have improved, with revenue increasing to approximately £40m, a touch ahead of the £38.8m turned in a year earlier.
Focusrite also expects profits to come in ahead when compared with the first half of its last financial year, which itself was a record period for the group.
The AIM-listed firm revealed sales had been "particularly strong" in Europe and that its portfolio of products had "performed well globally" thanks to continued investment in product development, innovation and sales and marketing.
Chief executive Tim Carroll said: "We are pleased with the outcome for the half year with profit and cash having grown and revenue, in line with our expectations, slightly ahead of the record half-year in 2018.
"We remain very watchful of macroeconomic and political factors that affect our business, most notably import tariffs in the US and Brexit uncertainty, but have in place strategies to deal with any significant changes to the status quo."
Carroll also added that the strength of Focusrite's new product pipeline gave it a great deal of confidence going forward.
As of 1040 GMT, Focusrite shares had picked up 1.84% to 526.50p.
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