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Gear4Music Holdings PLC - York, England-based online retailer of musical instruments and equipment - Pretax loss widens to £1.9 million in the six months that ended September 30 from £1.0 million a year before, as revenue declines to £62.6 million from £66.3 million. While UK revenue grows by 2.8% to £36.5 million from £35.5 million, European & Rest of World revenue falls by 15% to £25.1 million from £30.8 million. Gear4Music also takes £487,000 in redundancy costs, versus none a year before. Adjusted earnings before interest, tax, depreciation and amortisation is £2.9 million, up from £2.7 million. Gear4Music declares no interim dividend, unchanged.
Looking ahead, Gear4Music says it is ‘moderating’ its revenue expectation for financial 2024 to £144 million to reflect its sales run rate and its current focus on profit over growth. This will compare with £152.0 million in financial 2023. It says its expectations for adjusted profit are unchanged and in line with market expectations. These are for adjusted pretax profit of £1.2 million on £161.7 million revenue. Gear4Music recorded a statutory pretax loss of £400,000 in financial 2023.
Current stock price: 114.00 pence, down 5.0% in London on Tuesday
12-month change: up 19%
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