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Focusrite PLC (TUNE)

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Friday 19 February, 2021

Focusrite PLC

Trading Update

RNS Number : 6525P
Focusrite PLC
19 February 2021
 

Strictly embargoed until 07.00, 19 February 2021

 

Focusrite plc

( " the Company" or " the Group")

Trading Update

 

Focusrite plc (AIM: TUNE), the global music and audio products company supplying hardware and software used by professional and amateur musicians and the entertainment industry, is pleased to give the following update on current trading.

 

Since the beginning of the current financial year, demand has remained strong when compared with the corresponding period in FY20.  The Board now expects revenue for the six months to 28 February 2021 to be in excess of £90 million (H1 FY20: £49.9 million).  Cash generation has also remained correspondingly strong and the Group has now cleared all bank debt. 

 

Overall, revenue, profits and cash for the Group are currently ahead of where the Board would expect them to be at this stage of the financial year and it is therefore likely that current market expectations for the financial year ending 31 August 2021 will be exceeded.

 

Alongside the strong demand for most of the Company's products, the Board remains conscious of factors that are impacting operations adversely, in particular, the effect of supply constraints due to the global shortage of semi-conductors and other components reported by many manufacturers of consumer electronics. 

 

The Board anticipates giving a more detailed update at the time of the announcement of the half year results, expected to be in late April 2021, once it has a clearer understanding of the ongoing impact of COVID and the risk to component supply.

 

Tim Carroll, Chief Executive commented:

"We are delighted that consumer demand for Focusrite and ADAM products has remained very high.  This has resulted in increased demand from the distributors and dealers, which has translated into strong sales momentum producing higher revenues, profits and cash generation in the first half of the financial year.  How this demand may be affected by the easing of lockdowns around the world is hard to judge although we do expect Martin Audio to rebound as live events restart.  The component supply situation is being caused by huge global demand for consumer electronics products.  We believe that the constraint will be temporary and our relatively high volumes and excellent contract manufacturers have helped us to continue to satisfy that demand so far, but this remains a risk we are monitoring closely."

-ends-

Enquiries:

Focusrite plc:  +44 1494 836301

Tim Carroll (CEO)

Jeremy Wilson (CFO) 

 

Panmure Gordon (Nominated Adviser and Broker)                                  +44 20 7886 2500

Freddy Crossley / Alina Vaskina

Erik Anderson

 

Belvedere Communications                                                                          +44 20 3687 2756

John West

Llew Angus 

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 

Notes to Editors

Focusrite plc is a global music and audio products group that develops and markets proprietary hardware and software products. Used by recording professionals and musicians alike, its solutions facilitate the high-quality production of recorded and live sound. The Focusrite Group trades under six established brands: Focusrite, Focusrite Pro, Novation, Ampify, ADAM Audio and Martin Audio.

With a high-quality reputation and a rich heritage spanning decades, its brands are category leaders in the music-making and audio recording industries. 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.  ADAM Audio studio monitors have earned a worldwide reputation based on technological innovation in the field of studio loudspeaker technology.  Martin Audio designs and manufactures performance-ready systems across the spectrum of sound reinforcement applications.

The Focusrite Group has offices in four continents and a global customer base with a distribution network covering approximately 160 territories.

Focusrite plc is traded on the AIM market, London Stock Exchange.

 

 

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