Focusrite FY revenues and profits grow 'substantially'

Music and audio products group Focusrite said on Monday that trading in the year ended 31 August had been "strong", with revenues, profits and cash flow all growing "substantially".

Focusrite anticipates that revenues for the year will be ahead of market expectations at roughly £129.0m - up from £84.7m in the prior year, partly thanks to the acquisitions of ADAM Audio and Martin Audio in 2019.

The AIM-listed also said gross margins had improved year-on-year, resulting in underlying earnings likely coming in ahead of market expectations.

As a result of the strong performance, Focusrite added that it had decided to repay all assistance received by Martin Audio under the UK Coronavirus Job Retention Scheme and highlighted that it did not intend to make any claims for the associated Job Retention Bonus.

Chief executive Tim Carroll said: "We are optimistic about our future growth prospects as we continue to execute our strategy of growing our core customer base, focusing on customer value and expanding our business, both organically and through further acquisitions."

As of 1020 BST, Focusrite shares had shot up 11.36% to 818.50p.