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Highlights:
- Gear4music (LSE:G4M) grew second-quarter revenues by 1% and reduced first-half losses.
- UK revenues increased by 4%, while sales in Europe and other markets declined by 9%.
- The company’s second-hand sales platform saw significant traction, contributing to improved performance.
Gear4music Holdings PLC (LSE:G4M), the online retailer for musical instruments, reported modest growth in second-quarter revenues and a reduction in overall losses for the first half of 2024. Revenues for the second quarter increased by 1%, softening the overall revenue decline for the six months ending in September 2024 to 1%, bringing the total revenue for the period to £61.7 million.
The company indicated stronger trading in October, fueling optimism as it moves into its peak trading season. Gear4music's performance during this period has historically been a key driver of both profits and revenues, providing a strong outlook for the remainder of the year.
In the first half of 2024, UK revenues saw a rise of 4%, reaching £38 million. However, sales from Europe and other international markets fell by 9%, contributing £23.7 million to the total revenue. One of the key factors driving growth during this period was Gear4music’s new second-hand sales platform, which gained "considerable traction" as more customers embraced the option to purchase pre-owned instruments. Additionally, challenges faced by the company’s AI-based marketing system have been resolved, further boosting performance.
Gear4music expects to report interim underlying profits (EBITDA) of £2.9 million, an increase from £2.4 million in the previous year. The company also projects pre-tax losses to decrease by £700,000 to £1.2 million, reflecting improved financial performance compared to the previous year.
Executive chair Andrew Wass expressed confidence in the company’s progress, particularly highlighting the success of the second-hand sales platform. He noted that the strong trading position as the company enters its peak season puts Gear4music on solid footing to meet its full-year outlook in line with market expectations. The peak season, historically crucial for the company, is expected to drive continued profit and revenue growth.
Following this positive trading update, Gear4music's shares rose by 3%, reaching 177p. Investors and analysts alike will be watching closely as the company navigates the busy holiday period, which has traditionally played a significant role in the company’s annual performance.
