Gear4music, the York-based online retailer of musical instruments and music equipment, has seen a slight uptick in revenue and a decrease in profit, according to unaudited financial results for the six months ended 30 September 2022.
Revenue at the business grew to £66.3m from £64.7m in the same period of last year. This is despite UK revenue being down 3%. International revenues were 10% ahead of last year.
Gross profit, meanwhile, dipped to £17.4m from £18.1m.
Andrew Wass, Chief Executive Officer, said the FY23 H1 trading results reflected challenges including inflationary pressures on the firm’s cost base, the cost-of-living crisis affecting consumer confidence, unusually hot weather during the summer months, and comparison to the last of the business’s Covid-enhanced figures in FY22 Q1.
He added: “Whilst we have adapted to the challenges of the last six months, we have also remained focused on our longer-term growth strategy, delivering a wide range of customer centric improvements throughout the business.
“Progress has included several website upgrades, such as the ability for customers to create their own customised audio packages and cables, extending evening cut-off times for next day delivery, improving our consumer finance proposition, and upgrading our digital downloads sales platform.
“I am pleased to report that we have seen a consistent improvement in trading momentum during the last two months, despite continuing macro volatility. We are also well prepared for our peak seasonal trading period. The board therefore remains confident that results for the full financial year will be in-line with current consensus market expectations.”
