REG - Gear4music - AGM Statement and Trading Update

Gear4music (HOLDINGS)Announcement

06/09/2024 07:00

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RNS Number : 1351D  Gear4music (Holdings) PLC  06 September 2024

6 September 2024

 

Gear4music (Holdings) plc

AGM Statement and Trading Update

 

Gear4music (Holdings) plc, ('Gear4music' or 'the Group') (LSE: G4M), the UK's
largest retailer of musical instruments and music equipment, will hold its
Annual General Meeting at 10.30am today.

At the meeting Gear4music's Executive Chair, Andrew Wass, will make the
following statement:

"We are pleased to report that trading during the financial year to date has
been in line with the Board's expectations.

Having successfully reduced our net debt and operating costs during FY24,
during the early stages of FY25 we have focused on implementing the growth
strategy outlined in June and expect this to start delivering results in the
second half of this year.

We are well prepared operationally for the upcoming seasonal peak trading
period, and the Board remains confident of the delivery of our medium and
longer-term profitable growth strategy.

The Group intends to release a trading update for the six-month period ending
30 September 2024 on 22 October 2024, followed by half year results on 19
November 2024."

* Gear4music believes that consensus market expectations for the year ending
31 March 2025 prior to release of this announcement were revenues of £154.7
million, EBITDA of £11.7 million and PBT of £2.8 million.

 

ENDS

Enquiries:

 

 Gear4music                                                  +44 (0)20 3405 0205

 Andrew Wass, Executive Chair

 Gareth Bevan, Chief Executive Officer

 Chris Scott, Chief Financial Officer

 Singer Capital Markets - Nominated Adviser and Sole Broker  +44 (0)20 7496 3000

 Peter Steel/Sam Butcher, Corporate Finance

 Tom Salvesen, Corporate Broking

 Alma Strategic Communications - Financial PR                +44 (0)20 3405 0205

 Rebecca Sanders-Hewett                                      Gear4music@almastrategic.com

 Joe Pederzolli

 David Ison

 

About Gear4music (Holdings) plc

Operating from a Head Office in York, Distribution Centres in York, Bacup,
Sweden, Germany, Ireland & Spain, and showrooms in York, Bacup, Sweden
& Germany, the Group sells own-brand musical instruments and music
equipment alongside premium third-party brands including Fender, Yamaha and
Roland, to customers ranging from beginners to musical enthusiasts and
professionals, in the UK, Europe and the Rest of the World.

 

Having developed its own e-commerce platform, with multilingual, multicurrency
websites delivering to over 190 countries, the Group continues to build its
overseas presence.

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