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Focusrite defers interim dividend amid lack of live music events

By BFN News | 09:26 AM | Tuesday 12 May, 2020


Audio products group Focusrite reported a 62% fall in first-half profit after rising revenue was offset by expenses, including acquisition costs. Pre-tax profit for the six months through February fell to £2.7m, down from £7.2m on-year, even as revenue rose 24% to £49.9m. Focusrite acquired Martin Audio in December for £39.6m. Its adjusted earnings before, interest, tax, depreciation and amortisation rose 2.9% to £9.1m. The company said a decision about its interim dividend had been deferred due to Covid-19 uncertainty. '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,' chief executive Tim Carroll said. 'Manufacturing in China is back up to speed and we are working hard to ensure that consumers can still get the product they wish to buy without delay.' 'Demand for Martin Audio products is being affected by the lack of live music events due to Covid-19 but we believe this will recover in time.' '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.' At 9:26am: (LON:TUNE) Focusrite PLC share price was -20p at 580p Story provided by StockMarketWire.com

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