Focusrite PLC (AIM:TUNE) said first quarter demand remained strong overall and revenues have been in-line with management expectations. However, the global music and audio products company cautioned it is still "experiencing supply constraints" in addition to higher freight and shipping costs.
"During the first quarter of the current financial year, demand has remained strong overall and revenues have been in-line with management expectations, which take account of the strong comparators in the first half of the prior year," Phil Dudderidge, executive chairman, said in a statement ahead of the company's AGM today.
"We are still experiencing supply constraints due to the global shortage of components and tightness in supply chains. In addition, freight and shipping costs remain significantly higher than normal. Although these challenges remain unpredictable, not least because of the Omicron variant, we are currently managing them in line with our expectations."
Dudderidge said recent acquisitions continue to settle in well, benefitting from being part of the group and numerous cross-business initiatives are expected to have a positive effect in the latter part of 2022 and into 2023.
The AGM will be held at the offices of Stephenson Harwood LLP, 1 Finsbury Circus, London EC2M 7SH at 12 noon.
Due to the Coronavirus (COVID-19) pandemic, shareholders have been strongly encouraged not to attend in person.
Shares in Focusrite were down 2.7% at 1,540p in early deals.