TUNE Focusrite Plc

Focusrite plc

("Focusrite", "the Company" or "the Group")

Notice of Final Results, Change of Year End, Change of Auditor

Focusrite plc (AIM: TUNE), the global music and audio products group supplying hardware and software used by professional and amateur musicians and the entertainment industry, confirms that it will announce its final results for the year to 31 August 2024 on Wednesday, 27 November 2024.  The Company also announces that it plans to change its financial year end from 31 August to 28 February and that, following a tender process, it intends to appoint a new external audit firm.

Notice of Final Results

The Group will announce its Final Results for the year to 31 August 2024 on Wednesday, 27 November 2024.

Analyst meeting

A live online meeting for analysts will be held at 10:30am on 27 November 2024 on the Investor Meet Company platform.  This meeting is only open to analysts.  If you are an analyst and would like to attend this meeting, please send an email to: langus@rosewoodpr.co.uk

Log in details for the meeting will be communicated to attendees ahead of the briefing.   Questions can be submitted pre-event via the Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live meeting.

Investor presentation

A live online presentation open to all existing and potential investors will be held at 11am on 29 November 2024 on the Investor Meet Company platform. If you would like to attend this online presentation, please sign up via the following link:

https://www.investormeetcompany.com/focusrite-plc/register-investor

Questions can be submitted pre-event via the Investor Meet Company dashboard up until 9am the day before the presentation or at any time during the live presentation.

Change of Financial Year End

The Audit Committee has reviewed the date of the Company's financial year end and, to align better with industry cycles, especially around the key holiday season sales, the Company intends to change its accounting reference date and financial year end from 31 August to 28 February.  The transition will take place in order that, following the publication of the full year results to 31 August 2024, the Company will report its next audited results for the 18 month period to 28 February 2026.  The schedule of financial reporting events for Focusrite, will therefore be as follows:

(i)            Publication of unaudited interim results for the six months ended 28 February 2025 - by 31 May 2025;

(ii)           Publication of unaudited interim results for the 12 months ended 31 August 2025 - by 30 November 2025; and

(iii)          Publication of audited accounts for the 18 month period ended 28 February 2026 - around end of June 2026.

In due course, the Group will provide appropriate pro forma information to aid analyst modelling.

Change of Auditor

The Company announces that, following a formal and competitive tender process, led by the Company's Audit Committee, it intends to appoint Ernst & Young LLP ("EY") as the Company's auditor, following the conclusion of the current audit of the Company's results for the year ended 31 August 2024 by KPMG.  

Shareholder approval to confirm the appointment of EY as its external auditor will be sought at the 2024 Annual General Meeting expected to be held in January 2025.

Mike Butterworth, Chair of Focusrite Audit Committee, commented:

"KPMG have been our auditor since and prior to our flotation on AIM ten years ago. Accordingly, and in line with best practice, we have carried out a tender process and have decided to appoint EY.  The Board would like to thank KPMG for the many years of professional and diligent work with the Group."

-Ends-

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 thirteen established brands: Focusrite, Focusrite Pro, Novation, Ampify, ADAM Audio, Martin Audio, Optimal Audio, Linea Research Sequential, Oberheim, Sonnox, OutBoard and TiMax.

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 synthesizers 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. Linea designs, develops, manufactures and sells market innovative professional audio equipment globally. Sequential designs and manufactures high end analogue synthesizers under the Sequential and Oberheim brands. Sonnox is a leading designer of innovative, high-quality, award-winning audio processing software plug-ins for professional audio engineers. TiMax specialises in innovative immersive audio and show control technologies. OutBoard manufactures and sells industry standard rigging control products for live events, together with enterprise-level safety test, preparation and quality management for global rental companies and venues.

The Company has offices in four continents and a global customer base with a distribution network covering approximately 240 territories.

Focusrite plc is traded on the AIM market, London Stock Exchange.