Surge in international sales boosts York-based Gear4Music
A 33% surge in international sales helped York-based music retailer Gear4Music to a healthy rise in revenue and profits.
For the six months to September 30th, the retailer reported total sales of £49.4m, up 16% year on year. Gross profit grew by 29% to £12.4m.
Overseas sales were up a third to £24.6m, with UK sales up 3% to £24.8m.
The listed company had reported a loss before tax of £0.6m for the year to March 31st, triggering "swift strategic and operational changes".
Chief executive Andrew Wass, a former sound recording engineer who founded the company in 2003, said: "I am very pleased to report that we have achieved our primary objective for the period of materially improving our gross margins.
"International sales growth continues to be strong, and whilst the UK market remains highly competitive, we have returned to a more profitable margin structure and believe that this is the right strategy from which to grow our revenues going forward."