Trading Statement

RNS Number : 5280G

Gear4music (Holdings) PLC

18 March 2020

 

18 March 2020

Gear4music (Holdings) plc

Trading Update

Gear4music (Holdings) plc ("Gear4music" or "the Group"), the largest UK based online retailer of musical instruments and music equipment, announces that further to the trading update on 23 January 2020, the Board confirms that it does not expect the Coronavirus outbreak to have an adverse impact on the Group's trading for the current financial year ending 31 March 2020, and as previously stated is confident results will be at least in line with the Board's expectations.

Supply chains are currently operating as normal, and we have pre-planned for some disruption by way of tactical forward purchasing. We are confident that we hold sufficient inventory to continue serving customers for several months, with additional stock on the way, and the financial resources to secure further inventory as necessary.

Our delivery partners are operating largely as normal, and we continue to see good demand as we successfully deliver into the UK and mainland European countries, including Italy, France and Germany.

The Group is taking all appropriate precautions to keep people safe while ensuring ongoing operations, and whilst we cannot predict the long-term impact of the outbreak, the Group has the benefit of an online business model and is appropriately positioned for the year ahead.

The Group will, as previously announced, provide a trading update for the 12 months ending 31 March 2020 on 23 April 2020.

- Ends -

Enquiries:

Gear4music Andrew Wass, Chief Executive Officer Chris Scott, Chief Financial Officer	[phone]
N+1 Singer - Nominated Adviser and Broker Peter Steel/Justin McKeegan, Corporate Finance Tom Salvesen, Corporate Broking	[phone]
Alma - Financial PR Rebecca Sanders-Hewett Helena Bogle	[phone] [e-mail]

About Gear4music .com

Operating from a Head Office in York, and Distribution Centres and showrooms in York, Sweden and Germany, the Group sells own-brand musical instruments and music equipment alongside premium third-party brands including Fender, Yamaha and Roland, to customers ranging from beginners to musical enthusiasts and professionals, in the UK, Europe and, more recently, into the Rest of the World.

Having developed its own e-commerce platform, with multilingual, multicurrency websites delivering to over 190 countries, the Group has rapidly expanded its database and continues to build its overseas presence.

 

END

 

 

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