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(Sharecast News) - Music equipment retailer Gear4music said on Tuesday that its peak season trading performance was in-line with internal expectations, with improved UK trading offsetting a decline in its European arm.
Gear4music said UK revenues were up 13% in the three months ended 31 December at 29.7m, offsetting a 4% drop in its Europe and ROW business, with total group revenues 6% firmer year-on-year at 49.0m.
The AIM-listed firm also stated gross profits grew 600,000 when compared to Q324 to 13.7m and said gross margins remained strong at 28.1%, reflecting continued pricing discipline.
Chief executive Andrew Wass said: "We are pleased to report that financial performance during our FY25 peak seasonal trading period was in line with the Board's expectations, with 6% revenue growth and an improvement in Gross Profit. This reflects the progress we have made as a result of our refreshed growth strategy, in what continues to be a challenging consumer environment, particularly in certain European markets."
As of 1055 GMT, Gear4music shares were up 0.34% at 146.0p.
Reporting by Iain Gilbert at Sharecast.com
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