Focusrite PLC Trading Update (1894H)
09 March 2018 - 6:00PM
UK Regulatory
TIDMTUNE
RNS Number : 1894H
Focusrite PLC
09 March 2018
Strictly embargoed until: 07.00, 9 March 2018
Focusrite Plc
("the Company")
Trading Update
Focusrite Plc (AIM: TUNE), the global music and audio products
company, supplying proprietary hardware and software products used
by professionals and amateurs around the world, is pleased to
report that in the first half of the current financial year ending
31 August 2018, revenue, profits and cash have grown compared with
the first half of the last financial year.
This growth has been across a wide range of product groups and
regions. In particular, sales of the Scarlett and Launchpad ranges
have grown strongly, fuelled by increased demand over the Christmas
holiday period.
As a result, revenue for the half year ending 28 February 2018,
is expected to be over GBP38 million, up from GBP32.0 million in
the same period last year. This represents an increase of over 25%
on a constant currency basis.
Conversion to cash has also remained positive and, as at 28
February 2018, net cash was GBP19.7 million, up from GBP14.2
million on 31 August 2017 and GBP9.4 million on 28 February
2017.
Tim Carroll, Chief Executive commented:
"I am delighted that we have continued to drive growth across
our diverse product portfolio and in many different geographical
regions. This past holiday season resulted in a particularly strong
boost, which may signal a wider consumer appreciation of our
products and possibly the early signs of a change in the phasing of
revenue within our financial year.
We keep a close and cautious eye on some of the headwinds being
experienced by the music retail industry, particularly in the US,
but overall believe we remain well positioned to continue to grow
as our strategy of "making music easier to make" resonates with
consumers throughout the world.
We continue to innovate and to invest across all areas of our
business to sustain future growth and we remain confident about the
outlook for the current financial year and beyond."
The Company expects to issue its interim results for the period
ended 28 February 2018 on 24 April 2018.
- ends -
This announcement contains insider information for the purposes
of Article 7 of Regulatory (EU) No596/2014.
Enquiries:
Focusrite Plc:
Tim Carroll (CEO) +44 1494 836301
Jeremy Wilson (CFO) +44 1494 836301
Panmure Gordon:
Freddy Crossley +44 20 7866 2968
Tom Salvesen +44 20 7866 2904
Belvedere Communications:
John West +44 20 3567 0510
Kim Van Beeck +44 20 3567 0510
Notes to Editors
Focusrite is a global music and audio products group supplying
hardware and software products used by professional and amateur
musicians, which enables the high quality production of music.
The Group has two established and rapidly growing brands:
Focusrite and Novation. The Focusrite brand makes audio interfaces
and other products for audio recording musicians. The Novation
brand allows its customers to make electronic music using
synthesisers and computer-enabled technology.
The Group has a global customer base with a distribution network
covering approximately 160 territories. Focusrite is headquartered
in High Wycombe, United Kingdom with marketing subsidiaries in Los
Angeles and Hong Kong, and has around 200 employees.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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