Focusrite (LON:TUNE) analyst presentation given 12th May 2020, by Tim Carroll, CEO & Jeremy Wilson CFO.
https://www.piworld.co.uk/2020/05/13/focusrite-tune-interim-results-may-2020/
• Group revenue up by 23.5% to £49.9 million (25.3% at constant currency1) (HY19: £40.4 million)
• Acquisition of Martin Audio in December 2019 for £39.6 million
• Integration of ADAM Audio progressing well and contributing to both revenue growth and profits
• Consumer demand remained strong across the Focusrite and Novation ranges although revenue down slightly like for like in the period due to the initial impact of COVID-19 in China
• Gross margin improved to 46.1% (FY19: 44.3%)
• EBITDA2 up by 2.9% to £9.1 million (HY19: £8.9 million)
• Net debt of £19.9 million having bought Martin Audio for £39.6 million (FY19: net cash £14.9 million, HY19: net cash £26.2 million)
• Interim dividend decision deferred in view of the uncertainty caused by COVID-19
