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Focusrite sees revenue, profit cash growth across all its diverse portfolio in first-half

The AIM-listed firm said its growth has been across a wide range of product groups and regions and, as a result, its revenue for the half year ending 28 February 2018 is expected to be over £38mln, up from £32mln in the same period last year
music instruments
Focusrite said its cash conversion has also remained "positive", with net cash as at February 28 of £19.7mln

Focusrite plc (LON:TUNE) saw its shares gain 2.5% on Friday as the music and audio products group said its profits, revenue and cash all grew in the first half of the current financial year compared with the first half of the prior year.

In a trading update, the AIM-listed firm said its growth has been across a wide range of product groups and regions and, as a result, its revenue for the half year ending 28 February 2018 is expected to be over £38mln, up from £32mln in the same period last year.

READ: Focusrite hitting the high notes on AIM

The group reported growth in sales from its Scarlett and Launchpad product groups, driven by increased demand over the Christmas holiday period

Focusrite said its cash conversion has also remained "positive", with net cash as at February 28 of £19.7mln, more than double the £9.4mln at the same stage last year.

Tim Carroll, Focusrite's chief executive said: “We have continued to drive growth across our diverse product portfolio and in many different geographical regions.”

He added: “We keep a close and cautious eye on some of the headwinds being experienced by the music retail industry, particularly in the US, but overall believe we remain well positioned to continue to grow.”

In mid-morning trade, Focusrite shares were up 2.8% at 365p.

The company expects to issue its interim results on 24 April 2018.

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Article
January 05 2016

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