Focusrite (TUNE)

Sector:

Leisure Products

Index:

FTSE AIM 100

381.50p
   
  • Change Today:
    -6.00p
  • 52 Week High: 595.00
  • 52 Week Low: 285.00
  • Currency: UK Pounds
  • Shares Issued: 59.21m
  • Volume: 9,411
  • Market Cap: £225.89m

Focusrite flags ongoing challenges in content creation market

By Josh White

Date: Friday 19 Jan 2024

LONDON (ShareCast) - (Sharecast News) - Music and audio technology company Focusrite said in a trading update on Friday that its content creation division encountered ongoing market challenges during the first four months of the financial year, particularly in Asia and among traditional 'bricks and mortar' resellers in the Europe, Middle East and Africa (EMEA) region.
The AIM-traded firm, which was holding its annual general meeting, said that, although the challenges had some impact on sales, there was still solid ongoing demand for key Scarlett products.

It said that, as per industry data, it was still outperforming competitors despite subdued overall market conditions.

Additionally, the industry's channel stock position was gradually improving, albeit at a slower pace than anticipated.

In the audio reproduction division, Focusrite reported strong performance, and a robust pipeline for the full year ahead.

Gross margins were maintained, and the company said it was taking steps to optimise costs following investments made last year to support the enlarged group.

Despite recent increases in freight rates and ongoing geopolitical uncertainties, the company's profit expectations for the full year remained unchanged.

Those expectations were set to be heavily weighted towards the second half of the year, which would include multiple new product launches.

"We continue to pursue our proactive merger and acquisition strategy, focusing on opportunities that enhance earnings, broaden our market reach, augment our research and development capabilities, and add both scale and dynamism to our operations, as evidenced by the recent acquisition of OutBoard, which is integrating successfully into the group," said non-executive chairman Phil Dudderidge.

"Overall, we remain optimistic about our future prospects, and we continue to see tangible results stemming from our strategic diversification efforts which enhance our resilience in the face of global and industry-wide challenges."

At 1011 GMT, shares in Focusrite were down 3.51% at 506.55p.

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 381.50p
Change Today -6.00p
% Change -1.55 %
52 Week High 595.00
52 Week Low 285.00
Volume 9,411
Shares Issued 59.21m
Market Cap £225.89m

Focusrite Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
33.55% below the market average33.55% below the market average33.55% below the market average33.55% below the market average33.55% below the market average
55.56% above the sector average55.56% above the sector average55.56% above the sector average55.56% above the sector average55.56% above the sector average
Price Trend
69.8% below the market average69.8% below the market average69.8% below the market average69.8% below the market average69.8% 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
72.95% below the market average72.95% below the market average72.95% below the market average72.95% below the market average72.95% 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
73.89% below the market average73.89% below the market average73.89% below the market average73.89% below the market average73.89% 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

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-Jun-2024

Time Volume / Share Price
13:47 16 @ 380.00p
13:46 378 @ 392.00p
11:36 2,193 @ 388.70p
11:21 51 @ 388.70p
11:21 4 @ 393.35p

Focusrite Key Personnel

CEO Timothy Paul Carrol

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