Shares in Gear4music Holdings PLC (AIM:G4M) crescendoed up 15% to 101p after the retailer said it is making progress on reducing costs and increasing gross profit margins, putting it on track to meet forecasts for the year.
In a low-detail ballad ahead of its annual shareholder meeting, the violins-to-synthesisers seller said cost-cutting included “significant” efficiencies in its software development unit.
The newly launched ‘buy secondhand’ system was said to be “trading well” and showing signs of being a long-term growth driver since going live in March, expanding into Europe in recent weeks.
“We are well prepared for the upcoming seasonal peak trading period, backed by a robust level of working capital availability,” said chief executive Andrew Wass.
More precise details will be released in a half-year trading update in mid-October, followed by interim results in November.