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Focusrite hikes dividend 33% amid strong half year performance

By BFN News | 09:03 AM | Tuesday 24 April, 2018


Audio products company Focusrite hiked its dividend after reporting that first half year profit and revenue rose sharply, buoyed by strong performance in the Christmas holiday season. Profit before tax rose by 26.8% to £5.8m from £4.6m, while group revenue rose by 21.2% to £38.8m. Performance was helped by a 'strong Christmas holiday season for the more consumer-priced products,' the firm said. 'I am delighted with the group's performance in the first half which benefited from an especially strong Christmas holiday season,' said Tim Carroll, Chief Executive Officer. Earnings (EBITDA) rose 30.0% to £8.0m from £6.1m, while operating profit rose 36.3% to £6.2m. The interim dividend was raised to 1.0p per share, up 33.3% from 0.75p per share. The firm said, however, that since the half year end, revenue and cash growth slowed but added that it remained 'confident about the outlook for the rest of the year and beyond.' At 9:03am: (LON:TUNE) Focusrite Plc share price was +31p at 441p Story provided by StockMarketWire.com

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