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Online music retailer picks up 403,000 new customers during lockdown

andrewwass41

Music equipment retailer Gear4music said it picked up 403,000 new customers during the first Covid-19 lockdown as it grew revenues by 42%.

The York-based firm made £70.2m in revenue during the six months to September 30th, up from £49.4m year on year, with a pre-tax profit of £5.8m, against a loss of £279,000 year-on-year.

Chief executive Andrew Wass, a former sound recording engineer who founded the company in 2003, hailed the company’s “excellent commercial and operational progress”.

He added: “Covid restrictions across Europe continue to accelerate our rate of sales growth, which alongside our previously stated strategies of improving gross margins and increasing operational efficiency, has resulted in record profitability during the six-month period.

“We expect the significant growth in new customers achieved during the period will benefit the group in both the medium and longer term, as more people appreciate the benefits that playing and creating music can bring.”

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