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Focusrite PLC (TUNE)

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Friday 09 March, 2018

Focusrite PLC

Trading Update

RNS Number : 1894H
Focusrite PLC
09 March 2018
 

Strictly embargoed until: 07.00, 9 March 2018

 

Focusrite Plc

("the Company")

Trading Update

 

Focusrite Plc (AIM: TUNE), the global music and audio products company, supplying proprietary hardware and software products used by professionals and amateurs around the world, is pleased to report that in the first half of the current financial year ending 31 August 2018, revenue, profits and cash have grown compared with the first half of the last financial year.

This growth has been across a wide range of product groups and regions.  In particular, sales of the Scarlett and Launchpad ranges have grown strongly, fuelled by increased demand over the Christmas holiday period. 

As a result, revenue for the half year ending 28 February 2018, is expected to be over £38 million, up from £32.0 million in the same period last year.  This represents an increase of over 25% on a constant currency basis. 

Conversion to cash has also remained positive and, as at 28 February 2018, net cash was £19.7 million, up from £14.2 million on 31 August 2017 and £9.4 million on 28 February 2017.

Tim Carroll, Chief Executive commented:

"I am delighted that we have continued to drive growth across our diverse product portfolio and in many different geographical regions.  This past holiday season resulted in a particularly strong boost, which may signal a wider consumer appreciation of our products and possibly the early signs of a change in the phasing of revenue within our financial year.

We keep a close and cautious eye on some of the headwinds being experienced by the music retail industry, particularly in the US, but overall believe we remain well positioned to continue to grow as our strategy of "making music easier to make" resonates with consumers throughout the world.

We continue to innovate and to invest across all areas of our business to sustain future growth and we remain confident about the outlook for the current financial year and beyond."

The Company expects to issue its interim results for the period ended 28 February 2018 on 24 April 2018.

- ends -

 

This announcement contains insider information for the purposes of Article 7 of Regulatory (EU) No596/2014.

 

Enquiries:

 

Focusrite Plc:

Tim Carroll (CEO)                                 +44 1494 836301

Jeremy Wilson (CFO)                          +44 1494 836301

 

Panmure Gordon:

Freddy Crossley                                   +44 20 7866 2968

Tom Salvesen                                       +44 20 7866 2904

 

Belvedere Communications:

John West                                             +44 20 3567 0510

Kim Van Beeck                                      +44 20 3567 0510

 

 

Notes to Editors

 

Focusrite is a global music and audio products group supplying hardware and software products used by professional and amateur musicians, which enables the high quality production of music.

 

The Group has two established and rapidly growing brands: Focusrite and Novation. The Focusrite brand makes audio interfaces and other products for audio recording musicians. The Novation brand allows its customers to make electronic music using synthesisers and computer-enabled technology.

 

The Group has a global customer base with a distribution network covering approximately 160 territories. Focusrite is headquartered in High Wycombe, United Kingdom with marketing subsidiaries in Los Angeles and Hong Kong, and has around 200 employees.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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