Gear4music sees sales boom as people turn to music during lockdowns

Musical instruments retailer Gear4music said its annual results will be ahead of expectations following a "transformational" trading performance for the group.

Gear4music’s chief executive, Andrew Wass

The York-based firm, the largest UK-based online retailer of musical instruments and music equipment, has seen a sales boom as more people turned to music to keep themselves occupied and mentally healthy during lockdown.

Sales leapt 31 per cent to £158m in the year to March 31. Earnings are now expected to beover £19m, up from £8m in 2020, ahead of current market expectations

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Gear4music’s chief executive, Andrew Wass, said: “I am very pleased to be reporting results that are ahead of our previous expectations, representing a transformational 2021 trading performance for the group, and building on the significant progress we made in 2020.

"Further improvements in gross margins have driven our profits to record levels, amplified by the previously reported exceptional sales growth and marketing efficiencies which were driven by Covid-19 lockdowns, particularly evident during the first quarter of the 2021 financial year.

"Whilst it is still very early in the new financial year, we are pleased with 2022 trading to date, relative to the exceptional period of trading during April last year. We also remain mindful of the ongoing global pandemic and operational challenges posed by Brexit, but are confident that we have appropriate plans in place to mitigate their effects.

"Underpinned by our strong financial position, the board is confident that our online business model and specialist market knowledge, supported by our Europe-wide operational platform, will continue to deliver long-term sustainable and profitable growth.”