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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 0.0% 950.00 930.00 970.00 950.00 950.00 950.00 8,851 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 157.5 14.6 60.3 15.8 198

Gear4music (Holdings) PLC Year-End Trading Update

22/04/2021 7:00am

UK Regulatory (RNS & others)


Gear4music (holdings) (LSE:G4M)
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RNS Number : 2253W

Gear4music (Holdings) PLC

22 April 2021

22 April 2021

Gear4music (Holdings) plc

Year-End Trading Update

Gear4music (Holdings) plc ("Gear4music" or "the Group"), the largest UK based online retailer of musical instruments and music equipment, today announces a year-end trading update covering the 12 months to 31 March 2021.

 
 GBPm                     12 months to     12 months to   % change 
                         31 March 2021    31 March 2020 
 UK sales                         78.7             61.8        27% 
                       ---------------  ---------------  --------- 
 Europe and Rest 
  of the World sales              78.8             58.5        35% 
                       ---------------  ---------------  --------- 
 Total sales                     157.5            120.3        31% 
                       ---------------  ---------------  --------- 
 

FY21 Highlights *

   --     Gross margin improved by 360bps to 29.5% (FY20: 25.9%; FY19: 22.8%) 

-- EBITDA now expected to be not less than GBP19.0m (FY20: GBP7.8m; FY19: GBP2.3m), ahead of current market expectations

-- Net cash of GBP2.4m at 31 March 2021 (net debt at 31 March 2020 and 31 March 2019: GBP5.5m and GBP7.5m respectively)

   --     Signed a new GBP35m three-year Revolving Credit Facility with HSBC 

*Subject to audit. Final results to be announced 22 June 2021.

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

"I am very pleased to be reporting results that are ahead of our previous expectations, representing a transformational FY21 trading performance for the Group, and building on the significant progress we made in FY20.

Further improvements in gross margins have driven our profits to record levels, amplified by the previously reported exceptional sales growth and marketing efficiencies which were driven by COVID-19 lockdowns, particularly evident during Q1 FY21.

As part of the Group's ongoing strategy, the new enlarged banking facility will help us to accelerate our longer-term ambitions. As we lay the foundations in FY22 for the next stage of our growth journey, in addition to establishing new sales verticals, we will further strengthen our European distribution network, accelerate investment into our e-commerce platform, and consider acquisition opportunities as they arise.

Whilst it is still very early in the new financial year, we are pleased with FY22 trading to date, relative to the exceptional period of trading during April FY21. We also remain mindful of the ongoing global pandemic and operational challenges posed by Brexit, but are confident that we have appropriate plans in place to mitigate their effects.

Underpinned by our strong financial position, the Board is confident that our online business model and specialist market knowledge, supported by our Europe-wide operational platform, will continue to deliver long-term sustainable and profitable growth."

- Ends -

Enquiries:

 
 Gear4music 
  Andrew Wass, Chief Executive Officer 
  Chris Scott, Chief Financial Officer           +44 (0)20 3405 0205 
 
  N+1 Singer - Nominated Adviser and Joint 
   Broker 
   Peter Steel/Amanda Gray, Corporate Finance 
   Tom Salvesen, Corporate Broking                +44 (0)20 7496 3000 
 
  Investec Bank plc - Joint Broker 
   David Flin 
   Alex Wright 
   Harry Hargreaves                               +44 (0)20 7597 5970 
  Alma - Financial PR                             +44 (0)20 3405 0205 
   Helena Bogle                                    gear4music@almapr.co.uk 
   Harriet Jackson 
   Josh Royston 
   Faye Calow 
 

About Gear4music .com

Operating from a Head Office in York, and Distribution Centres and showrooms in York, Sweden and 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, more recently, into 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 announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

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.

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END

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April 22, 2021 02:00 ET (06:00 GMT)

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