Focusrite PLC Trading Statement (6245L)
14 Septiembre 2021 - 01:00AM
UK Regulatory
TIDMTUNE
RNS Number : 6245L
Focusrite PLC
14 September 2021
Strictly embargoed until 07.00, 14 September 2021
Focusrite plc
("the Company" or "the Group")
Trading Update for the year ending 31 August 2021
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
update the market on a positive trading year in which revenue,
profits and cash flow have all grown substantially.
As a result of this strong trading performance during the year,
the Group now expects revenue for the financial year ending 31
August 2021 to be ahead of market expectations at approximately
GBP173 million, up from GBP130 million last year. This growth is
largely due to continued strong customer demand across our products
and also includes four months' contribution from Sequential LLC ( "
Sequential"), the world-renowned, high-end synthesizer company
acquired in April 2021. EBITDA is also expected to be ahead of
current market expectations, as gross margins have been maintained
at similar levels to the prior year and the Group experienced a
substantial decrease in travel and trade shows due to the
restrictions and changes in working practices caused by COVID-19.
The Board does not expect these cost savings to be recurring.
Cash generation remains a priority for management and as at 31
August 2021, the Company had a net cash balance of approximately
GBP17 million, having repaid the debt taken on to fund the
Sequential acquisition. For comparison, the net cash balance as at
28 February 2021 was GBP19 million, prior to the outflow relating
to the acquisition of Sequential of US$20 million (cGBP15
million).
Despite the strong demand for most of the Group's products, the
Group is continuing to experience supply constraints due to the
global shortage of semi-conductors and other components, and
freight and shipping costs are significantly higher than normal,
principally caused by the effects of COVID-19.
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,
postproduction, podcasting, and streaming. We now have eight
established brands covering a much broader customer and geographic
footprint than in previous years; and the acquisitions we have made
are integrating well and delivering on their forecast plans.
"We remain optimistic about our future prospects as we continue
to execute on our strategy of growing our core customer base and
focusing on customer value, but in tandem we remain extremely
vigilant of the challenges presented by the current disruption to
the supply chain and the global shortage of semi-conductors and
other components as well as any further impact from the
pandemic."
The Company expects to announce final results for the year ended
31 August 2021 in late November 2021.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
-ends-
Enquiries:
Focusrite plc:
Tim Carroll (CEO) +44 1494 462246
Sally McKone (CFO) +44 1494 462246
Panmure Gordon (Nominated Adviser and Broker)
Freddy Crossley (Corporate
Finance) +44 20 7886 2500
Erik Anderson (Corporate Broking) +44 20 7886 2500
Belvedere Communications
John West +44 20 3687 2753
Llew Angus +44 20 3687 2754
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 eight established brands: Focusrite, Focusrite
Pro, Novation, Ampify, ADAM Audio, Martin Audio, Optimal Audio and
Sequential.
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. Sequential designs and manufactures
high end analogue synthesizers.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTLJMFTMTJBBRB
(END) Dow Jones Newswires
September 14, 2021 02:00 ET (06:00 GMT)
Focusrite (LSE:TUNE)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Focusrite (LSE:TUNE)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024