Thursday 24 May 2018

Sales sing for musical instrument retailer Gear4Music

Gear4Music saw total sales climb 42% to £34.6 million in the four months to the end of December last year.

A 1952 Gibson Les Paul guitar (Lewis Whyld/PA)
A 1952 Gibson Les Paul guitar (Lewis Whyld/PA)

By Ben Woods, Press Association Chief City Correspondent

Online musical instrument seller Gear4Music has drummed up a hefty rise in sales after attracting strong demand both at home and overseas.

The electric guitar-to-piano retailer saw total sales climb 42% to £34.6 million in the four months to the end of December, as customer numbers surged 38% to 450,000.

The lion’s share of the growth came from abroad, with European and rest of the world sales up 69% to £15.8 million over the period.

UK sales also pushed higher, rising 25% to £18.8 million, compared to £15 million over the same four months of 2016.

Chief executive Andrew Wass said the performance built on a 44% jump in total sales booked for the first half of the year.

He said: “Growth in our more established UK market has remained strong alongside very strong growth in our international markets which are being further driven by an improved delivery proposition as we continue to scale up our European hubs.

“Our Swedish distribution centre now fulfils over 50% of all our Scandinavian orders, and our German distribution centre, which became operational just 10 months ago, dispatched over 800 orders on its busiest day in December.

“We are confident that the group will continue to grow rapidly over the medium and longer term, as we continue our mission to become the best musical instrument and equipment retailer in Europe.”

Gear4Music, the UK’s largest online musical instrument and equipment retailer, launched its initial public offering (IPO) in June 2015.

Shares in the York-based firm were down 5% in early afternoon trading on the London Stock Exchange.

Press Association

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