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Focusrite revenues up on the back of strong holiday trading
Music and audio products company Focusrite witnessed revenue, profits and cash grow across a wide range of product groups and regions in the first half of its current trading year.
Focusrite saw sales of its Scarlett and Launchpad ranges increase during the six months leading to 28 February, fuelled by increased demand over the Christmas holiday period.
As a result, revenue for the half was expected to exceed £38m, up from £32.0m in the same period a year earlier, representing an increase of more than 25% on a constant currency basis.
Conversion to cash also remained positive, as net cash hit £19.7m at the end of the half, up 38% from the £14.2m the group had on hand at the end of its previous trading year on 31 August 2017.
Tim Carroll, chief executive, said, "This past holiday season resulted in a particularly strong boost, which may signal a wider consumer appreciation of our products and possibly the early signs of a change in the phasing of revenue within our financial year."
Focusrite was keeping a "close and cautious eye" on headwinds being experienced across the music retail industry, but overall felt it remained well positioned to continue its upward trajectory.
"We continue to innovate and to invest across all areas of our business to sustain future growth and we remain confident about the outlook for the current financial year and beyond," Carroll concluded.
Focusrite expects to issue its interim results for the half on 24 April 2018.
As of 1130 GMT, shares had picked up 7.61% to 382.00p.