AGM Statement and Trading Update

RNS Number : 5460X

Gear4music (Holdings) PLC

01 September 2020

 

1 September 2020

Gear4music (Holdings) plc

AGM Statement and Trading Update

Gear4music (Holdings) plc ("Gear4music" or "the Group"), the largest UK based online retailer of musical instruments and music equipment, will hold its Annual General Meeting at 3.00pm today.

At the meeting Gear4music's Chief Executive Officer, Andrew Wass, will make the following statement:

"Following the exceptional period of revenue growth during Q1 FY21, I am pleased to report that trading has remained strong throughout July and August, with the Group continuing to generate improved margins alongside proportionally lower marketing costs compared to the same period in the prior year.

Whilst still relatively early in the current financial year, the Board remains confident that results for the full year will be at least in line with our recently upgraded expectations."

The Group intends to announce a more detailed trading update in relation to the six-month period ending 30 September 2020 on 22 October 2020, followed by half year results for this period on 17 November 2020.

- Ends -

Enquiries:

Gear4music Andrew Wass, Chief Executive Officer Chris Scott, Chief Financial Officer	[phone]
N+1 Singer - Nominated Adviser and Broker Peter Steel/Justin McKeegan, Corporate Finance Tom Salvesen, Corporate Broking	[phone]
Alma - Financial PR Rebecca Sanders-Hewett Helena Bogle	[phone] [e-mail]

About Gear4music .com

Operating from a Head Office in York, and Distribution Centres and showrooms in York, Sweden and Germany, the Group sells own-brand musical instruments and music equipment alongside premium third-party brands including Fender, Yamaha and Roland, to customers ranging from beginners to musical enthusiasts and professionals, in the UK, Europe and, more recently, into the Rest of the World.

Having developed its own e-commerce platform, with multilingual, multicurrency websites delivering to over 190 countries, the Group continues to build its overseas presence.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

 

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