Trading Update

RNS Number : 8641Z

Focusrite PLC

20 March 2017

 

Strictly embargoed until: 07.00, 20 March 2017

Focusrite Plc

("the Company")

Trading Update

Focusrite Plc (AIM: TUNE), the global music and audio products company supplying hardware and software products used by professional and amateur musicians around the world, is pleased to report that in the first half of the year good progress was made in both the Focusrite and Novation divisions and in all three reported regions, particularly in our important US market. 

As a result, revenue is expected to be approximately £32.0 million for the six months ended 28 February 2017, up from £25.9 million in the same period last year.  This represents an increase of around 12% on a constant currency basis. 

Cash conversion was also strong during the period and as at 28 February 2017 net cash was £9.4 million, compared with £4.0 million on 29 February 2016.

The Company will issue its Interim Results for the six months ended 28 February 2017 on 3 May 2017.

Tim Carroll, Chief Executive commented:

"The business has continued to perform well in the first half of the current financial year with strong sales from our key Focusrite products globally.  Additionally, sales of our Launchpad products from Novation have also shown significant growth against the comparable period.  I look forward to updating investors in more detail at the time of our Interim Results announcement."

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Enquiries:

Focusrite Plc:

Tim Carroll (CEO)                                [phone]

Jeremy Wilson (CFO)                          [phone]

Panmure Gordon:

Freddy Crossley                                   [phone]

Tom Salvesen                                       [phone]

Belvedere Communications:

John West                                             [phone]

Kim Van Beeck                                     [phone]

 

Notes to Editors

Focusrite is a global music and audio products group supplying hardware and software products used by professional and amateur musicians, which enables the high quality production of music.

The Group has two established and rapidly growing brands: Focusrite and Novation. The Focusrite brand makes audio interfaces and other products for audio recording musicians. The Novation brand allows its customers to make electronic music using synthesisers and computer-enabled technology.

The Group has a global customer base with a distribution network covering approximately 160 territories. Focusrite is headquartered in High Wycombe, United Kingdom with marketing subsidiaries in Los Angeles and Hong Kong, and has around 170 employees.

 

END

 

 

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