Focusrite PLC Trading Update (6525P)
19 Febbraio 2021 - 8:00AM
UK Regulatory
TIDMTUNE
RNS Number : 6525P
Focusrite PLC
19 February 2021
Strictly embargoed until 07.00, 19 February 2021
Focusrite plc
( " the Company" or " the Group")
Trading Update
Focusrite plc (AIM: TUNE), the global music and audio products
company supplying hardware and software used by professional and
amateur musicians and the entertainment industry, is pleased to
give the following update on current trading.
Since the beginning of the current financial year, demand has
remained strong when compared with the corresponding period in
FY20. The Board now expects revenue for the six months to 28
February 2021 to be in excess of GBP90 million (H1 FY20: GBP49.9
million). Cash generation has also remained correspondingly strong
and the Group has now cleared all bank debt.
Overall, revenue, profits and cash for the Group are currently
ahead of where the Board would expect them to be at this stage of
the financial year and it is therefore likely that current market
expectations for the financial year ending 31 August 2021 will be
exceeded.
Alongside the strong demand for most of the Company's products,
the Board remains conscious of factors that are impacting
operations adversely, in particular, the effect of supply
constraints due to the global shortage of semi-conductors and other
components reported by many manufacturers of consumer
electronics.
The Board anticipates giving a more detailed update at the time
of the announcement of the half year results, expected to be in
late April 2021, once it has a clearer understanding of the ongoing
impact of COVID and the risk to component supply.
Tim Carroll, Chief Executive commented:
"We are delighted that consumer demand for Focusrite and ADAM
products has remained very high. This has resulted in increased
demand from the distributors and dealers, which has translated into
strong sales momentum producing higher revenues, profits and cash
generation in the first half of the financial year. How this demand
may be affected by the easing of lockdowns around the world is hard
to judge although we do expect Martin Audio to rebound as live
events restart. The component supply situation is being caused by
huge global demand for consumer electronics products. We believe
that the constraint will be temporary and our relatively high
volumes and excellent contract manufacturers have helped us to
continue to satisfy that demand so far, but this remains a risk we
are monitoring closely."
-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 music and audio products group that
develops and markets proprietary hardware and software products.
Used by recording professionals and musicians alike, 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 offices in four continents and a global
customer base with a distribution network covering approximately
160 territories.
Focusrite plc is traded on the AIM market, London Stock
Exchange.
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END
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