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magazineFocusrite is up 75% in the last nine months
Focusrite (TUNE:AIM) Price: £12.09
Gain to date: 75.9%
Original entry point: Buy at 687p, 23 July 2020
Global music and audio products company Focusrite (TUNE:AIM) continued its impressive growth in its first half achieving a 91% increase in revenue to £95.3 million and a 310% increase in adjusted operating profit to £26.3 million.
Organic constant currency revenue growth was 64.3%, reflecting record consumer demand across the company’s Focusrite, Novation and ADAM Audio ranges from home-based amateurs and professional recording artists alike.
Chief executive Tim Carroll told Shares that he was more confident the firm’s growth reflected underlying demand for the products rather than a one-off boost from the pandemic.
The company announced its third acquisition (27 April) under Carroll’s watch with the addition of California based synthesiser company Sequential LLC for $24 million.
Sequential is a world-renowned, high-end synthesizer company with a strong brand and heritage which will continue to be run by founder and Grammy winner Dave Smith and his team.
The acquisition expands the footprint of Focusrite’s electronic business under the Novation brand.
Focusrite launched Optimal Audio on 21 April serving the commercial audio market for producing music in workplace settings like restaurants, universities and nightclubs.
SHARES SAYS: Keep buying.
Important information:
These articles are provided by Shares magazine which is published by AJ Bell Media, a part of AJ Bell. Shares is not written by AJ Bell.
Shares is provided for your general information and use and is not a personal recommendation to invest. It is not intended to be relied upon by you in making or not making any investment decisions. The investments referred to in these articles will not be suitable for all investors. If in doubt please seek appropriate independent financial advice.
Investors acting on the information in these articles do so at their own risk and AJ Bell Media and its staff do not accept liability for losses suffered by investors as a result of their investment decisions.
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