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Focusrite defers interim dividend amid pandemic uncertainty

Despite the outbreak, the audio products specialist said consumer demand had “remained strong” across its Focusrite and Novation ranges

Focusrite plc - Focusrite defers interim dividend amid pandemic uncertainty

Focusrite plc (LON:TUNE) has deferred its interim dividend amid uncertainty caused by the coronavirus pandemic despite what it said was “high demand” for its music and audio products.

In its results for the six months ended 29 February, the AIM-listed firm reported an adjusted operating profit of £6.4mln, down from £7.3mln a year ago, despite revenues rising to £49.9mln from £40.4mln.

The company said its integration of ADAM Audio, which it acquired in July 2019, was “progressing well” and contributing to both revenue and profit growth, adding that consumer demand had “remained strong” across its Focusrite and Novation ranges although revenue was down slightly like-for-like in the period due to the initial impact of the coronavirus outbreak in China.

Despite the disruption caused by the outbreak, Focusrite chief executive Tim Carroll said as a result of “agile management of the situation”, the impact of the company’s supply chain issues amounted only to around £2mln of revenue in February.

“Since the half year, consumer demand for Focusrite and ADAM Audio products has been high especially via ecommerce and we have seen record levels of product registrations at Focusrite indicating positive sell-through to end-users”, Carroll said.

“We are confident that the Group will come through this upheaval stronger than ever. However, for the time being we must remain appropriately cautious given the unprecedented circumstances in which we all find ourselves", he added.

The shares were down 2.5% at 585p in early deals on Tuesday.

Quick facts: Focusrite PLC

Price: 970 GBX

Market: AIM
Market Cap: £563.68 m

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