Gear4music poised to deliver on FY profit views

Gear4music is encouraged by its trading performance in the first four months of the current financial year, and says it is poised to deliver on its full-year profit expectations.

In the four months to 30 June, total sales were £13.8m, up 66% from £8.3m a year earlier. Within this, European sales rose 137% to £4.7m, and UK sales gained 44% to £9.1m.

Chief executive Andrew Wass said the trading performance was encouraging, and noted the company was continuing to invest proceeds from its initial public offering.

Gross margins and administrative expenses were broadly in line with management's views for the fiscal year, putting the group in a "good position to deliver full-year profit expectations."

Gear4music is an online musical instruments and equipment company.