Gear4Music all set for festive trading as sales leap following summer float

Picture: PA
Picture: PA
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M​usical instruments retailer Gear4Music, which floated on AIM in June, reported a strong increase in sales in both the UK and Europe and said it is well placed for the all-important Christmas season.

The York-based group saw a 29​ per cent​ rise in website visitor numbers in the six months to August 31, which contributed towards a 43 per cent increase in group like-for-like sales.

The active customer database rose 32 per cent to 400,000 shoppers.

Chief executive Andrew Wass said the group has expanded its range of products, with 11 new brands signed up over the six month period and the launch of a number of new own-brand products.

The total number of products available rose from 27,400 at the start of the year to 29,000. The group sells Fender, Yamaha and Gibson​ ​​and has over 1,400 own brand products.

Mr Wass said that the £10m raised from the float has been used to develop the e-commerce platform, increase marketing and extend the range of products held in stock.

“We are very pleased with the continuing strong performance of Gear4music, which has traded comfortably in line with the board’s expectations and we believe we are well placed as we approach our important Christmas trading period,” said Mr Wass.

“The funds raised in our recent IPO are allowing us to accelerate investment into our websites, product offering and specialist staff, to ensure our customers enjoy an even wider range of competitively priced products, backed up by our industry leading customer service, ordering convenience and delivery options.”