Sales and forex drive growth at Focusrite

Josh White Sharecast | 13 Sep, 2017 12:51 | | |

focusrite

Focusrite

275.00

17:25 22/09/17
-1.79%
-5.00
  • 5.62
  • -0.40%-0.02
  • Max: 5.55
  • Min: 5.55
  • Volume: 750
  • MM 200 : n/a
17:17 22/09/17
  • 9,307.15
  • 0.81%75.12
  • Max: 9,337.00
  • Min: 9,224.86
  • Volume: 0
  • MM 200 : n/a
17:30 22/09/17
  • 994.67
  • 0.30%2.94
  • Max: 995.03
  • Min: 989.98
  • Volume: 0
  • MM 200 : n/a
17:25 22/09/17

Music and audio products company Focusrite reported on Wednesday that, in the second half of the financial year, revenue and profits grew compared with the first half of the current year.

The AIM-traded firm said the growth had been driven by a combination of factors, including improved sales of product, some foreign exchange benefits and the continuing effective management of gross margin.

As a result, revenue for the financial year ending 31 August 2017, was expected to be approximately £66m, up from £54.3m in the same period last year.

That represents an increase of around 13% on a constant currency basis.

Working capital management had also been improved further in the second half, the board said, and - as at 31 August - net cash was £14.2m, up from £5.6m on 31 August 2016 and £9.4m on 28 February 2017.

“The business has had a great year, with strong sales of both our Focusrite and Novation ranges,” said chief executive Tim Carroll.

“We continue to improve and expand our portfolio of solutions to address the needs of our broad customer range and we are pleased that our efforts have been rewarded with strong demand, market acceptance and financial success.”

The company said it expected to issue its final results for the year ended 31 August on 21 November.

More news

24 Sep Sunday share tips: Stobart Group, 1pm

Stobart Group shares were a 'sell' in the Sunday Times' Inside the City column, sparked by a share sale by former boss Andrew Tinkler to cut his stake to 5.3%.

24 Sep Tullow Oil to restart production from TEN following TLOS ruling

Tullow Oil will begin drilling at its TEN fields offshore Ghana following a favourable ruling by the Special Chamber of the International Tribunal of the Law of the Sea at the weekend.

24 Sep US close: Stocks end on mixed note, North Korea threats weigh

Wall Street ended the session on a mixed note, with a threat from North Korea's top diplomatic official weighing on sentiment.

24 Sep Sunday newspaper round-up: UK property, Treasury, Brexit, banks, Ladbrokes

Foreign buyers will face tougher restrictions on purchasing British property under plans being worked up by the Treasury in an attempt to help first time buyers. Policies could be announced within weeks as getting younger Britons on the housing ladder becomes a major part of the Tories autumn political drive. - Sunday Telegraph

22 Sep Europe close: Stocks finish higher on strong PMI readings

Stocks on the Continent finished mostly higher on the back of strong survey readings on the euro area's manufacturing and services sector and ahead of the German general elections at the weekend, although fresh barbs from Pyongyang were a drag on sentiment.

22 Sep Thousands of steel workers protest ThyssenKrupp merger in Germany

Thousands of steel workers gathered in Western Germany on Friday to protest the proposed merger of ThyssenKrupp and Tata Steel's European operations which was expected to result in approximately 4,000 job losses.

22 Sep London Close: FTSE firmer as pound losses ground after May speech

London stocks had reversed earlier losses to trade a little higher by Friday's close, helped along by a weaker pound as investors weighed up a key speech by Prime Minister Theresa May.

22 Sep JP Morgan Chase to establish global headquarters in Warsaw

Polish Deputy Prime Minister Mateusz Morawiecki announced on Friday that US bank JP Morgan Chase had picked Warsaw to play host to its new global operations centre, bringing thousands of jobs to the region from the beginning of 2018.

22 Sep FTSE 250 movers: Pets at Home dashes higher, oilers also lifted

The FTSE 250 index was on the front foot on Friday, led by retailer Pets at Home and a group of oil-related companies.

22 Sep Theresa May calls for post-Brexit transition period, new security treaty

In a speech in Florence on Friday, Prime Minister Theresa May confirmed that she wanted a two-year "implementation period" post-Brexit and a new treaty with the European Union on security and justice.