Focusrite (TUNE)

Sector:

Leisure Products

Index:

FTSE AIM 100

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

Focusrite set to report solid full-year growth

By Josh White

Date: Thursday 14 Sep 2023

LONDON (ShareCast) - (Sharecast News) - Music and audio hardware specialist Focusrite said in a trading update on Thursday that, even with adverse market conditions, especially in the Asian region, it saw significant growth compared to its performance before the pandemic.
The AIM-traded firm said it sustained its robust market position, launching 28 new products in the year.

Among those, the most noteworthy was the introduction of a new generation of the market-leading Scarlett audio interface range on 31 August.

The board said its content creation sector showed promising signs, with brands in the division rebounding to growth in the latter half of the 2023 financial year, outdoing their performance in the second half of 2022.

At the same time, the audio reproduction division continued its upward trajectory, showing growth by a double-digit percentage.

The directors confirmed that overall revenue for the group during the second half marginally surpassed the figures from the corresponding period in 2022.

As a result, anticipated group revenue for the full year was projected to be at least £177m - a slight drop from the £184m reported in 2022.

However, boosted by improved gross margins, EBITDA for the year was set to hover around the lower end of current market predictions, which stood between £38.2m and £39m.

Looking at its financial standing, Focusrite said that on 31 August, it had net debt of around £1.5m, widening from the £0.3m it recorded at the end of 2022, but a considerable narrowing from the £13.2m reported in the first half.

One of the critical factors for the debt was the acquisition of Sonnox last December, which amounted to a net cash consideration of £7.2m.

Working capital saw a substantial improvement during the latter half of the year due to an expected decrease in inventory levels.

"We are pleased with our full-year results and the strategic progress the group is making against the background of extremely challenging trading conditions throughout the year," said chief executive officer Tim Carroll.

"Our fourth generation of Scarlett has been launched to critical acclaim, and well received in the sales channel, reflecting the investment and innovation which have made this product the market leader.

"Inventory in the channel for our Content Creation brands continues to unwind with levels returning to historic norms as we approach the winter holiday season."

Carroll said the firm's audio reproduction businesses continued to show good growth, reflecting the returning demand for live sound and events across the globe.

"We remain mindful of current industry-wide macro-economic factors, though we believe we are well placed to manage them accordingly."

Focusrite said it would announce its audited final results for 2023 by the end of November.

At 1126 BST, shares in Focusrite were up 5.43% at 527.15p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Focusrite Market Data

Currency UK Pounds
Share Price 385.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 595.00
52 Week Low 285.00
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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