Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Online music retailer Gear4music upgraded its core earnings guidance for fiscal 2021 and said it had made a stronger than expected start to the year.
Fiscal 2021 EBITDA was expected be ahead of expectations, and not less than £16.5 million, above the £7.8 million last year.
The updated guidance comes as the company reported a jump in quarterly sales.
For the three months to 31 December 2020, sales jumped 30% to £52.2 million and gross margin improved by 370 basis points to 29.9%.
'Whilst there are further refinements for us to make, I am pleased that the planned reconfiguration of our delivery systems and transport network has performed well, and has supported stronger trading since 1 January 2021 than the Board had initially expected,' Gear4music's chief executive officer, Andrew Wass, said.
At 9:59am: (LON:G4M) Gear4music Holdings Plc share price was 0p at 690p