Focusrite (TUNE)

Sector:

Leisure Products

Index:

FTSE AIM 100

 385.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 595.00p
  • 52 Week Low: 285.00p
  • Currency: UK Pounds
  • Shares Issued: 59.21m
  • Volume: 31,633
  • Market Cap: £227.96m

Focusrite first-half profits in line as revenues fall

By Josh White

Date: Tuesday 14 Mar 2023

LONDON (ShareCast) - (Sharecast News) - Global music and audio products maker Focusrite said in an update on Tuesday that its first half profits were in line with board expectations, which remained unchanged for the full year.
The AIM-traded company, which supplies hardware and software used by professional and amateur musicians and the entertainment industry, said stronger gross margins supported its profits.

Despite some industry-wide demand weakness in Asia markets, the overall demand for the firm's products across its content creation and audio reproduction businesses remained resilient.

The company noted that revenues for the first half were expected to be at least £85m, down from £93m in the first half of 2022.

Its board said it expected a weighting towards the second half due to the timing of major new product launches.

The audio reproduction businesses showed strong growth, reflecting increased demand for live sound.

That was supported by a strengthened supply chain following the acquisition of Linea Research in May last year.

Focusrite reported a net debt of £14m as at 28 February, reflecting increased inventory to support the new product launches in the second half.

The company said it also paid the final earnout relating to the acquisition of Sequential, or £1.2m, and the £7m consideration paid for Sonnox in December.

Focusrite's board said it expected the group's net debt position to improve going forward, as its underlying cash generation came through in the second half.

The group noted it had bank facilities in place totalling £40m.

"The group continues to see an improvement in gross margins as freight costs reduce to more normalised levels; component shortages and supply chain issues are easing; and pricing actions are taking effect," the board said in its statement.

"The board will give a more detailed update at the time of the announcement of the first half results, which is expected to be in late April."

At 1337 GMT, shares in Focusrite were down 2.92% at 665p.

Reporting by Josh White for Sharecast.com.

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Focusrite Market Data

Currency UK Pounds
Share Price 385.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 595.00p
52 Week Low 285.00p
Volume 31,633
Shares Issued 59.21m
Market Cap £227.96m

Focusrite Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
25.58% below the market average25.58% below the market average25.58% below the market average25.58% below the market average25.58% below the market average
75.00% above the sector average75.00% above the sector average75.00% above the sector average75.00% above the sector average75.00% above the sector average
Price Trend
70.31% below the market average70.31% below the market average70.31% below the market average70.31% below the market average70.31% below the market average
81.82% below the sector average81.82% below the sector average81.82% below the sector average81.82% below the sector average81.82% below the sector average
Income
71.36% below the market average71.36% below the market average71.36% below the market average71.36% below the market average71.36% below the market average
33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average
Growth
72.9% below the market average72.9% below the market average72.9% below the market average72.9% below the market average72.9% below the market average
55.56% below the sector average55.56% below the sector average55.56% below the sector average55.56% below the sector average55.56% below the sector average

What The Brokers Say

Strong Buy 3
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 4
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Focusrite Dividends

  Latest Previous
  Interim Final
Ex-Div 09-May-24 28-Dec-23
Paid 10-Jun-24 31-Jan-24
Amount 2.10p 4.50p

Trades for 18-Jul-2024

Time Volume / Share Price
16:22 500 @ 381.75p
16:17 1,296 @ 385.30p
14:14 5,000 @ 385.00p
15:21 422 @ 381.00p
15:07 1,167 @ 385.50p

Focusrite Key Personnel

CEO Timothy Paul Carrol

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