Gear4music (Holdings) PLC AGM Statement and Trading Update (3651M)
28 July 2017 - 4:00PM
UK Regulatory
TIDMG4M
RNS Number : 3651M
Gear4music (Holdings) PLC
28 July 2017
28 July 2017
Gear4music (Holdings) plc
AGM Statement and Trading Update
Gear4music (Holdings) plc ("Gear4music"), the largest UK based
retailer of musical instruments and music equipment, will hold its
Annual General Meeting at 11.30am today.
At the meeting Gear4music's Chief Executive Officer, Andrew
Wass, will make the following statement:
"I am pleased to report that Gear4music's trading performance in
the financial year to date is in line with the Board's
expectations. UK and International revenue growth has continued to
be strong relative to a very strong H1 FY17, and our new European
distribution centres are materially improving our customer
proposition in Northern Europe. We anticipate further momentum in
European sales during the second half of the financial year.
Our strategy of investing to deliver long term growth remains on
track, and was further bolstered in May 2017 when we raised GBP4.2m
of additional growth capital in an oversubscribed placing. I would
like to thank our existing and new investors for their support.
As previously outlined, the current financial year is expected
to follow a more typical seasonal trading pattern, with a higher
proportion of sales and profits being generated during the second
half of the year than was the case in the previous year. Also, as
previously notified, the first half of the current financial year
will include the costs of embedding our new European distribution
centres and setting up our recently acquired Head Office in York.
Based on the overall performance of the business during the
financial year to date, the Board is confident of another year of
good progress."
The Company will announce a trading update in relation to the
six months ending 31 August 2017 in early September 2017, followed
by the full half year results in October.
- Ends -
For further information, please contact
Gear4music +44 843 155 0800
Andrew Wass, Chief Executive Officer
Chris Scott, Chief Financial Officer
Panmure Gordon +44 20 7886 2500
(Financial Adviser, Nominated Adviser and Broker)
Andrew Godber / Peter Steel - Investment Banking
Erik Anderson / Tom Salvesen - Corporate Broking
MHP Communications (Financial PR) +44 20 3128 8570
Andrew Leach
Simon Hockridge
Pete Lambie
Background to Gear4music
Operating from a Head Office in York, showrooms in York and
Sweden, and Distribution Centres in York, Sweden and Germany, the
Group sells own-brand musical instruments and music equipment
alongside premium third-party brands including Fender, Yamaha and
Gibson, 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 and fully responsive designs websites covering 19
countries, the Group has rapidly expanded its database and
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 company news service from the London Stock Exchange
END
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