York musical instrument retailer reports financial highlights for 2019

Online music equipment and instruments retailer Gear4music has announced a trading update for the six months to September 30, 2019.

The York-based retailer’s highlights include 16 per cent of total sales growth to £49.4m. In H1 of financial year 2019, this figure stood at £42.5m. The group’s UK sales have gone up by three per cent, too.

Gear4music’s profit has also increased significantly by 29 per cent, from £9.6m to £12.4m. Meanwhile, its gross margin improved by 250 basic points (bps) to 25.2 per cent.

Gear4music’s chief executive officer, Andrew Wass, said: “I am very pleased to report that we have achieved our primary objective for the period of materially improving our gross margins.

“By cutting out less profitable sales and focusing on higher margin products, we have delivered an FY20 H1 gross margin of 25.2 per cent and a 29 per cent increase in gross profit.

“Our warehousing and infrastructure teams have worked tirelessly during the year to ensure we have a robust logistics operation in place ahead of our peak FY20 H2 trading period, and we are confident that we now have the capacity and efficiency required to make the most of the opportunities available to us.”

The group is due to report interim results for the six months ending September 30, 2019 next month on November 12.

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