Focusrite on track to meet full-year targets

Focusrite reiterated its full-year outlook on Friday, despite industry-wide weakness across its Asian markets.

Updating on trading, the audio products specialist, which supplies both professional and amateur musicians with hardware and software, said trading across its content creation and audio businesses in the first four months of the year had been in line with expectations.

This was despite experiencing industry-wide weakness in its Asian markets, the AIM-listed firm noted, with Focusrite-branded products adversely impacted by the planned earlier phasing of inventory sell-in to the channel ahead of the key holiday season.

Phil Dudderidge, chair, said: "However, pleasingly the sell-through of our Content Creation brand products has been robust through this period."

Gross margins had also benefited from reduced freight costs, he added, while supply chain issues were easing.

Dudderidge concluded: "Board expectations for the full-year remain unchanged and anticipate a weighting towards the second half of the year, due to the timing of the product launches."

Focusrite is currently targeting acquisitions that boost its market potential as well as being earnings enhancing, and in December acquired smaller rival Sonnox in a £9.1m deal.

Focusrite said the integration was going well. "2023 is a year for consolidating our leading market positions, supported by significant new product launches and upgrades planned for the latter part of the year, which will underpin future growth," said Dudderidge.