Gear4Music moving ahead, with profits up 65 per cent

Gear4Music’s continued success, reflected in its latest stellar set of market-bucking results, will see it move into a new head office next month. 

Results for the full-year ended 28th February show revenue up 58 per cent from £35.4m to £56.1m with gross profit up 65 per cent from £9.1m to £15.1m.

The group will move into a new 50,000 sq ft HQ in York next month which it has purchased at a cost of £5.3m. This year also saw the firm open distribution centres in Sweden and Germany and the acquisition of a software development team to improve its e-commerce offering. 

Commenting on the figures, CEO Andrew Wass, said: “This has been a transformational year for the business, with further expansion of the Gear4music brand driving record sales and profits. In particular we have seen significant expansion in our International business where sales have been very strong. We have therefore accelerated investment in our European infrastructure to improve our customer proposition and reach, most notably through the opening of two new distribution hubs in Sweden and Germany.

“Our growth has been underpinned by the quality of our bespoke e-commerce platform and we continue to drive innovation in this area to further improve our systems and websites, both in the UK and overseas.

“We begin our current financial year with good momentum and continued appetite from customers around the world for our market leading service and product offering. We are well positioned to deliver further growth and have plans in place to continue investing in our operational facilities and systems to support our growth plans. The next 12 months will be exciting as we move into our new head office in York, scale up our European operations, and enhance our worldwide proposition,and we remain confident in the long-term growth prospects for the Group.”