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Music and audio company Focusrite said it expected revenue and earnings to top market expectations following another 'successful' year in which revenue and profits grew strongly.
The company expected revenue for the financial year ending 31 August 2019, to be ahead of market expectations at approximately £84m , up from £75.1mlast year.
This growth was driven by an increase of approximately 10% for the existing business and approximately six weeks of revenue for ADAM Audio, a German studio monitor company, which was acquired on 16 July for a total consideration of £16.2m in cash.
Margins had remained consistent with the prior year and as a result earning (EBITDA) is also expected to be ahead of market expectations.
'Cash generation continues to be a prime focus for the Group and, despite the acquisition, net cash as at 31 August 2019 remained a healthy £14.9m, up from £22.8m seen at 31 August 2018.
At 9:38am: (LON:TUNE) Focusrite Plc share price was +32p at 530p