Focusrite PLC Trading Update (0352B)
September 18 2018 - 2:00AM
UK Regulatory
TIDMTUNE
RNS Number : 0352B
Focusrite PLC
18 September 2018
Strictly embargoed until: 07.00, 18 September 2018.
Focusrite Plc
("the Company" or "the Group")
Trading Update for the year ending 31 August 2018
Focusrite Plc (AIM: TUNE), the global music and audio products
company that trades under the Focusrite and Novation brands around
the world, is pleased to report that in the second half of the
financial year, revenue, profits and cash have all continued to
grow when compared with the previous financial year.
The Company expects revenue for the financial year ending 31
August 2018, to be in line with market expectations at
approximately GBP75 million, up from GBP66.1 million in the same
period last year. This represents an increase of over 15% on a
constant currency basis.
The Group continues to be cash generative, driven by a
combination of increasing profits coupled with prudent working
capital management and, as at 31 August 2018, net cash was GBP22.8
million, up from GBP14.2 million on 31 August 2017.
Tim Carroll, Chief Executive commented:
"We are pleased with our full year results and the operational
progress the business is making. Our core categories performed well
and the business has grown year over year in all major regions,
albeit at a slower rate in the second half as expected.
Additionally, we have seen positive results from new programs
focused on the lifetime value of our customers as well as expansion
into new markets.
We will continue to invest in these areas, as well as in our
core categories, to maintain our established pattern of strong
demand, market acceptance and financial success. The business is
well positioned to continue to grow as our strategy resonates with
consumers throughout the world. However, we remain mindful and
cautious of current major macro-economic factors in the US and
UK/Europe, and will continue to watch them vigilantly as they
unfold to assess how they could potentially affect our
business."
The Company expects to issue its final results for the year
ended 31 August 2018 on 20 November 2018.
- ends -
Enquiries:
Focusrite Plc +44 1494 836301
Tim Carroll (CEO)
Jeremy Wilson (CFO)
Panmure Gordon: +44 20 7866 2500
Freddy Crossley
Erik Anderson
Belvedere Communications: +44 20 3567 0510
John West
Kim van Beeck
Notes to Editors
Focusrite plc is a global music and audio products group that
develops and markets proprietary hardware and software products.
Used by audio professionals and amateur musicians alike, its
solutions facilitate the high-quality production of recorded and
live sound. The Focusrite Group trades under four established and
rapidly growing brands: Focusrite, Focusrite Pro, Novation and
Ampify.
With a high-quality reputation and a rich heritage spanning
decades, its brands are category leaders in the music-making
industry. 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.
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. 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
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END
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