Gear4music turns up the volume as revenues hit £80m

Gear4music, the York-based based online retailer of musical instruments and music equipment, has reported a 43% increase in total revenue.

The online retailer has seen revenues increase from £56.1m to £80.1m for its year-end trading update covering the 12 months to 28th February 2018.

During this period, Gear4music also saw its customer numbers increase by 39% to 474,600.

Andrew Wass, Gear4music’s CEO, said: “We are very pleased to have grown our revenues from £56m last year to £80m this year, particularly given the heightened economic uncertainty that has impacted many retailers during the last 12 months.

“As previously communicated, in 2017 we focused on scaling-up our business to ensure we have the capacity for further growth, investing into our European distribution centres, our new Head Office in York, and expanding our platform development capability.

“EBITDA for the second half of FY18 will be ahead of the six-month period ended 28 February 2017, although as a result of the investments we have made during the year into our customer proposition, infrastructure, staff, systems and marketing, we expect EBITDA for the full financial year ended 28 February 2018 to be in line with our FY17 result.

“We are confident that we are well placed to significantly grow both revenues and profitability during the next 12 months, as margins normalise, and the up-front investments we have made clearly demonstrate their ongoing value to the business.”