REG - Focusrite PLC - Trading Update

FocusriteAnnouncement

18/09/2018 07:05

RNS Number : 0352B
Focusrite PLC
18 September 2018
 


Strictly embargoed until: 07.00, 18 September 2018. 
 
Focusrite Plc
 
("the Company" or "the Group")
 
Trading Update for the year ending 31 August 2018
 
Focusrite Plc (AIM: TUNE), the global music and audio products company that trades under the Focusrite and Novation brands around the world, is pleased to report that in the second half of the financial year, revenue, profits and cash have all continued to grow when compared with the previous financial year. 
The Company expects revenue for the financial year ending 31 August 2018, to be in line with market expectations at approximately £75 million, up from £66.1 million in the same period last year.  This represents an increase of over 15% on a constant currency basis.
The Group continues to be cash generative, driven by a combination of increasing profits coupled with prudent working capital management and, as at 31 August 2018, net cash was £22.8 million, up from £14.2 million on 31 August 2017.
Tim Carroll, Chief Executive commented:
"We are pleased with our full year results and the operational progress the business is making.   Our core categories performed well and the business has grown year over year in all major regions, albeit at a slower rate in the second half as expected.  Additionally, we have seen positive results from new programs focused on the lifetime value of our customers as well as expansion into new markets.
We will continue to invest in these areas, as well as in our core categories, to maintain our established pattern of strong demand, market acceptance and financial success.  The business is well positioned to continue to grow as our strategy resonates with consumers throughout the world.  However, we remain mindful and cautious of current major macro-economic factors in the US and UK/Europe, and will continue to watch them vigilantly as they unfold to assess how they could potentially affect our business." 
The Company expects to issue its final results for the year ended 31 August 2018 on 20 November 2018.
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Enquiries:
Focusrite Plc                                      +44 1494 836301
Tim Carroll (CEO)                            
Jeremy Wilson (CFO)
 
Panmure Gordon:                             +44 20 7866 2500
Freddy Crossley                                              
Erik Anderson                                  
 
Belvedere Communications:          +44 20 3567 0510
John West
Kim van Beeck

 
Notes to Editors
Focusrite plc is a global music and audio products group that develops and markets proprietary hardware and software products. Used by audio professionals and amateur musicians alike, its solutions facilitate the high-quality production of recorded and live sound.  The Focusrite Group trades under four established and rapidly growing brands: Focusrite, Focusrite Pro, Novation and Ampify.
 
With a high-quality reputation and a rich heritage spanning decades, its brands are category leaders in the music-making industry.  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.
 
The Focusrite Group has a global customer base with a distribution network covering approximately 160 territories.  Focusrite is headquartered in High Wycombe, UK, with marketing offices in Los Angeles and Hong Kong.  Focusrite Plc is traded on the AIM market, London Stock Exchange.




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