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Gear4Music confident of reaching expectations for financial year

Published: 17:03 27 Jul 2018 AEST

Musical instruments
The firm added that it would release a trading update in September

Gear4Music Plc (LON:G4M) said it remains confident of reaching its full-year expectations ahead of its annual general meeting later today.

The chief executive of the AIM-listed musical instrument seller, Andrew Wass, said in a statement that revenue continued to be strong in a highly competitive market and that projects to relocate the company’s Swedish distribution centre and upgrade its UK distribution facilities were on-track for delivery ahead of is peak trading period.

READ: Gear4music expects flat full-year underlying earnings as margins squeezed

The firm also said it would release a trading update in relation to the six months ending 31 August 2018 in early September 2018, followed by the full half-year results in October.

In a note to clients, analysts at City broker Peel Hunt said the brief update suggested that “all is well” at the group, although they added that the statement could also imply that “sales growth was a touch stronger than our forecast but that the gross margin was a bit softer”.

They added that the business had “clearly hurdled the challenges presented by moving offices and changing distribution practices, and looks in rude health”.

In early trading Friday, Gear4Music shares were up 0.9% at 664p.

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