Gear4Music operating profits more than double

Gear4music’s adjusted operating profits rose by 138 per cent to £895,000 in the year to the end of February, with revenue also up.

Revenue rose by 46 per cent to £35.5m and adjusted EBITDA was up 100 per cebt at £1.7m. Pre-tax profits were only £6,000 but show huge progress against losses of £797,000 a year ago.

Chief executive Andrew Wass (pictured), said: “In our first set of annual results as a listed company, it’s very pleasing to be reporting a record year with strong growth across our core UK business and excellent progress into European markets, which has led to increased revenues and profits.   

“We have achieved this growth by investing into our website platform, infrastructure and product ranges, strengthening our customer offer, and establishing ourselves as the go-to online destination for musical instruments and equipment.  With over 10m visitors to our websites during the year, improved conversion and an increasing number of active customers, our investment strategies are delivering the growth we anticipated, and following strong sales momentum in both the UK and internationally during the first two months of the new financial year, we remain optimistic for the year ahead.”