Why Gear4Music in York enjoyed an exceptional financial year

Musical instruments retailer Gear4music has hailed a "transformational" year as the business saw both revenue and profits spike for the year ended March 31, 2021.
By Ismail Mulla
Published 22nd Jun 2021, 07:34 BST
Updated 22nd Jun 2021, 07:38 BST
Andrew Wass, CEO of Gear4Music, says the number of potential customers in its market significantly increased.Andrew Wass, CEO of Gear4Music, says the number of potential customers in its market significantly increased.
Andrew Wass, CEO of Gear4Music, says the number of potential customers in its market significantly increased.

The York-based firm, which is the UK’s biggest online retailer of musical instruments and music equipment, reported a 31 per cent rise in revenue from £120.3m the previous year to £157.5m.

Net profit was up 488 per cent from £2.6m to £12.6m. EBITDA rose 154 per cent to £19.8m, beating market expectations. It also saw its active customers rise by 32 per cent to 1.06m.

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Andrew Wass, CEO of Gear4Music, said: "Financial year 21 has been a transformational year for the group, during which we have delivered an exceptional financial performance whilst rising to the unprecedented operational challenges presented by Covid-19 and Brexit.

"As previously reported, we had an exceptional period of trading during financial year 21, particularly during the initial Covid-19 lockdown in quarter one.

"The number of potential customers in our market significantly increased, as traditional high street retailers were unable to operate as normal and people sought activities in which to participate whilst spending more time at home.

"The group is in a strong position to build upon the significant success of financial year 21, as we accelerate the development of our bespoke e-commerce platform and strengthen our European distribution network by launching new operational hubs in Ireland and Spain."

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He added: "The outlook and general demand for musical instruments and equipment remains positive, and with the strategies and actions we are taking, we remain confident of delivering sustainable and profitable growth in the long-term."

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Related topics:YorkCovid-19BrexitYorkshireSpain