ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

G4M Gear4music (holdings) Plc

137.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gear4music (holdings) Plc LSE:G4M London Ordinary Share GB00BW9PJQ87 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 137.00 135.00 139.00 137.00 137.00 137.00 28,355 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Musical Instrument Stores 152.04M -644k -0.0307 -44.63 28.74M

Gear4music (Holdings) PLC Trading Update (1880N)

19/01/2023 7:00am

UK Regulatory


Gear4music (holdings) (LSE:G4M)
Historical Stock Chart


From Mar 2022 to Mar 2024

Click Here for more Gear4music (holdings) Charts.

TIDMG4M

RNS Number : 1880N

Gear4music (Holdings) PLC

19 January 2023

19 January 2023

Gear4music (Holdings) plc

Trading Update

Gear4music (Holdings) plc ("Gear4music" or "the Group"), the largest UK based online retailer of musical instruments and music equipment, today announces a trading update for the three months to 31 December 2022.

 
 GBPm                               3m to 31    3m to 31   % change 
                                    Dec 2022    Dec 2021    on FY22 
                                                                 Q3 
 UK revenue                             26.0        26.0          - 
                                  ----------  ----------  --------- 
 European and Rest of the World 
  revenue                               23.5        21.2       +11% 
                                  ----------  ----------  --------- 
 Total revenue                          49.5        47.2        +5% 
                                  ----------  ----------  --------- 
 

FY23 Q3 Highlights

- +11% European sales growth reflects successful execution of infrastructure investment during FY22 to improve European customer proposition

- UK revenues affected by continued weak consumer sentiment and consequences of the Royal Mail strikes through December

- Gross margins of 25.6% (FY22 Q3: 28.4%, FY20 Q3*: 26.2%) reflecting targeted stock reductions of slower moving product lines

   -     Gross profit of GBP12.7m is 6% lower than FY22 Q3 and 20% higher than FY20 Q3* 
   -     Improving labour efficiencies and lower marketing costs largely offset lower gross margin 
   -     FY23 EBITDA and net debt reduction in-line with consensus market expectations** 

Gear4music's Chief Executive Officer, Andrew Wass, said:

"We are pleased to report that, despite several external challenges, financial performance during our FY23 peak seasonal trading period was in line with the Board's expectations.

UK revenues during December were impacted by Royal Mail strikes and the knock-on disruption of other couriers, which led to longer delivery times and an earlier pre-Christmas cut-off date than we would expect under normal trading conditions.

A continuing targeted reduction of both on-hand inventory and net debt, combined with a period of weaker consumer sentiment and lower own-brand sales led to subdued gross margins, although tight control over marketing and labour costs largely compensated for this and we expect margins to recover during FY24.

As we continue to make good progress with new growth orientated projects, we remain confident in our long-term profitable growth strategy, and that the Group is appropriately resourced and well placed to make the most of opportunities as they arise."

* Last pre-Covid comparator

** Gear4music believes that current consensus market expectations for the year ending 31 March 2023 are revenue of GBP155.1 million, EBITDA of GBP8.9 million, profit before tax of GBP1.0 million, and pre-IFRS16 net debt of GBP17.5 million.

ENDS

Enquiries:

 
 Gear4music 
  Andrew Wass, Chief Executive Officer 
  Chris Scott, Chief Financial Officer          +44 (0)20 3405 0205 
 
 Singer Capital Markets - Nominated Adviser 
  and Joint Broker 
  Peter Steel/Sam Butcher, Corporate Finance 
  Tom Salvesen, Corporate Broking               +44 (0)20 7496 3000 
 
 Investec Bank plc - Joint Broker 
  David Flin 
  Alex Wright 
  Alice King                                    +44 (0)20 7597 5970 
 
 Alma PR - Financial PR                         +44 (0)20 3405 0205 
  David Ison                                     Gear4music@almapr.co.uk 
  Joe Pederzolli 
  Josh Royston 
 

About Gear4music (Holdings) plc

Operating from a Head Office in York, Distribution Centres in York, Sweden, Germany, Ireland & Spain, and showrooms in York, Sweden & Germany, the Group sells own-brand musical instruments and music equipment alongside premium third-party brands including Fender, Yamaha and Roland, to customers ranging from beginners to musical enthusiasts and professionals, in the UK, Europe and the Rest of the World.

Having developed its own e-commerce platform, with multilingual, multicurrency websites delivering to over 190 countries, the Group continues to build its overseas presence.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

TSTFLFLTLLITLIV

(END) Dow Jones Newswires

January 19, 2023 02:00 ET (07:00 GMT)

1 Year Gear4music (holdings) Chart

1 Year Gear4music (holdings) Chart

1 Month Gear4music (holdings) Chart

1 Month Gear4music (holdings) Chart

Your Recent History

Delayed Upgrade Clock