Focusrite PLC Trading update for the year ending 31 August 2019 (0463M)
12 Septiembre 2019 - 1:01AM
UK Regulatory
TIDMTUNE
RNS Number : 0463M
Focusrite PLC
12 September 2019
Strictly embargoed until 07.00, 12 September 2019
Focusrite Plc
("the Company" or "the Group")
Trading update for the year ending 31 August 2019
Focusrite Plc (AIM: TUNE), the global music and audio company
supplying hardware and software products used by professional and
amateur recording engineers and musicians, is pleased to update the
market on another successful year in which revenue and profits have
grown strongly.
The Company expects revenue for the financial year ending 31
August 2019, to be ahead of market expectations at approximately
GBP84 million, up from GBP75.1 million last year. This growth
comprises an increase of approximately 10% for the existing
business (c6% on a constant currency basis) and approximately six
weeks of revenue for ADAM Audio, a German studio monitor company,
which was acquired on 16 July 2019 for a total consideration of
GBP16.2 million in cash. Margins have remained consistent with the
prior year and as a result EBITDA is also expected to be ahead of
market expectations.
Cash generation continues to be a prime focus for the Group and,
despite the acquisition, net cash as at 31 August 2019 remained a
healthy GBP14.9 million. For comparison the net cash balance as at
31 August 2018 was GBP22.8 million.
Tim Carroll, Chief Executive commented:
"We have held steadfast to our core growth strategy and executed
as planned despite so many macro-economic factors at play across
the world. We successfully released the latest generation of the
Scarlett range of products (Gen 3) in July 2019, which has been
well received by resellers and end users. They have welcomed the
advances we made in the hardware, as well as the innovative new
software features that make the product easier to set up and
use.
Additionally, we made our first significant acquisition since
becoming a publicly listed company, acquiring Berlin-based ADAM
Audio in July. The acquisition extends the Group's product offering
to incorporate a comprehensive range of studio monitors
well-aligned to our existing customer base. The business is growing
and profitable and early indicators are that it is a good fit. The
ADAM team are settling in well.
Our product roadmap continues to strengthen with significant new
product releases planned for the first half of the new financial
year. We continue to execute on our growth strategy while closely
monitoring unpredictable global issues such as US tariffs and
Brexit and have in place action plans to mitigate any foreseen
negative impacts to our business."
The Company expects to announce final results for the year ended
31 August 2019 in late November 2019.
- ends -
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 (MAR).
Enquiries:
Focusrite Plc +44 1494 836301
Tim Carroll (CEO)
Jeremy Wilson (CFO)
Panmure Gordon (Nomad and Broker): +44 20 7866 2500
Freddy Crossley
Erik Anderson
Belvedere Communications: +44 20 3567 2756
John West
Llew Angus
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 five established brands:
Focusrite, Focusrite Pro, Novation, Ampify and ADAM 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 monitors have earned a worldwide
reputation based on technological innovation in the field of
loudspeaker technology. The product portfolio includes its T, AX,
and S Series product ranges, aimed at different levels of musicians
and recording engineers, as well as its subwoofer and headphone
ranges.
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. Focusrite Plc is traded on the AIM
market, London Stock Exchange.
This information is provided by RNS, the news service of the
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END
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