Focusrite PLC Trading Update (8203Y)
14 Settembre 2020 - 8:00AM
UK Regulatory
TIDMTUNE
RNS Number : 8203Y
Focusrite PLC
14 September 2020
Strictly embargoed until 07.00, 14 September 2020
Focusrite plc
( " the Company" or " the Group")
Trading Update for the year ending 31 August 2020
Focusrite plc (AIM: TUNE), the global music and audio products
group of companies, supplying hardware and software used by
professional and amateur musicians and the entertainment industry,
is pleased to update the market on a strong trading year in which
revenue, profits and cash flow have all grown substantially.
The Group expects revenue for the financial year ending 31
August 2020 to be ahead of market expectations at approximately
GBP129 million, up from GBP84.7 million last year. This growth
comprises a full year of ADAM Audio revenue, acquired in July 2019;
eight months of revenue from Martin Audio, acquired in December
2019 and growth of approximately 23% in the core Focusrite Audio
Engineering business. Gross margins have improved from the prior
year and as a result EBITDA is also expected to be ahead of market
expectations.
Cash generation remains a high priority for management and, as
at 31 August 2020, the Company had a net cash balance of
approximately GBP3 million. This has improved substantially from a
net debt position of GBP19.9 million as at 29 February 2020. For
comparison the net cash balance as at 31 August 2019 was GBP14.9
million, prior to the acquisition of Martin Audio for GBP35.3
million, net of acquired cash but prior to acquisition costs.
As a consequence of this strong performance, the Board has
decided to repay all assistance received by Martin Audio under the
UK Coronavirus Job Retention Scheme and does not intend to make any
claims for the associated Job Retention Bonus. To date, this
assistance totals approximately GBP164,000.
Tim Carroll, Chief Executive commented:
"The Group continues to see increased demand for solutions that
enable the creation and playback of audio content for music,
podcasting and streaming. Much of the Focusrite Audio Engineering
and ADAM Audio portfolios cater to these workflows and consequently
have experienced continued high demand over and above our growth
levels prior to the initial lock-downs. The demand for Martin Audio
products, especially for live sound events such as tours, festivals
and theatres, has been negatively impacted since March 2020 due to
COVID-19 restrictions. However, we are now seeing some early signs
of recovery for installed sound solutions in many regions for
clubs, houses of worship and corporate audio / visual
solutions.
We are very pleased to have repaid the net debt, required to
fund the acquisition of Martin Audio, so quickly. This has been
achieved in part by reductions in inventories of finished goods due
to high demand. We are optimistic about our future growth prospects
as we continue to execute our strategy of growing our core customer
base, focusing on customer value and expanding our business, both
organically and through further acquisitions."
The Company expects to announce final results for the year ended
31 August 2020 in late November 2020.
-ends-
Enquiries:
Focusrite plc: +44 1494 836301
Tim Carroll (CEO)
Jeremy Wilson (CFO)
Panmure Gordon (Nominated Adviser and Broker) +44 20 7886 2500
Freddy Crossley / Alina Vaskina
Erik Anderson
Belvedere Communications +44 20 3687 2756
John West
Llew Angus
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Notes to Editors
Focusrite plc is a global audio products group that develops and
markets proprietary hardware and software products. Used by audio
professionals and musicians, its solutions facilitate the
high-quality production of recorded and live sound. The Focusrite
Group trades under six established brands: Focusrite, Focusrite
Pro, Novation, Ampify, ADAM Audio and Martin Audio.
With a high-quality reputation and a rich heritage spanning
decades, its brands are category leaders in the music-making and
audio recording industries. Focusrite and Focusrite Pro offer audio
interfaces and other products for recording musicians, producers
and professional audio facilities. Novation and Ampify products are
used in the creation of electronic music, from synthesisers and
grooveboxes to industry-shaping controllers and inspirational
music-making apps. ADAM Audio studio monitors have earned a
worldwide reputation based on technological innovation in the field
of studio loudspeaker technology. Martin Audio designs and
manufactures performance-ready systems across the spectrum of sound
reinforcement applications.
The Focusrite Group has a global customer base with a
distribution network covering approximately 160 territories.
Focusrite is headquartered in High Wycombe, UK, with marketing
offices in Los Angeles and Hong Kong. ADAM Audio has offices in
Berlin, Nashville and Dongguan, China. Martin Audio is also based
in High Wycombe with a subsidiary in US.
Focusrite plc is traded on the AIM market, London Stock
Exchange.
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END
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