Focusrite turns up volume on first-half revenue
(ShareCast News) - Music and audio products company Focusrite updated the market on its trading on Monday, reporting that in the first half of the year "good progress" was made in both the Focusrite and Novation divisions and in all three reported regions, particularly in the board's important US market.
The AIM-traded firm said as a result, revenue was now expected to be approximately £32m for the six months ended 28 February 2017, up from £25.9m in the same period last year.
That would represent an increase of around 12% on a constant currency basis, the board confirmed.
Cash conversion was also strong during the period and as at 28 February net cash was £9.4m compared with £4.0m on 29 February 2016.
The company would issue its interim results for the six months ended 28 February on 3 May, the board confirmed.
"The business has continued to perform well in the first half of the current financial year with strong sales from our key Focusrite products globally," commented chief executive Tim Carroll.
"Additionally, sales of our Launchpad products from Novation have also shown significant growth against the comparable period.
"I look forward to updating investors in more detail at the time of our interim results announcement."