Focusrite to top FY expectations after 'another successful year'

12 September 2019

(Sharecast News) - Music and audio products firm Focusrite said on Thursday that it expects to top full-year expectations after "another successful year" saw revenue and profits grow strongly.
Focusrite anticipates that revenue for the year ended 31 August will come in ahead of market expectations at approximately £84m, up 10% from £75.1m in the previous year.

The group said increased revenues were partly down to it receiving around six weeks of revenue from ADAM Audio, a German studio monitor company, which it acquired on 16 July for £16.2m in cash.

Focusrite also said margins had remained consistent with the prior year and that earnings before interest, tax, depreciation and amortisation were expected to be ahead of market views.

Chief executive Tim Carroll said: "Our product roadmap continues to strengthen with significant new product releases planned for the first half of the new financial year.

"We continue to execute on our growth strategy while closely monitoring unpredictable global issues such as US tariffs and Brexit and have in place action plans to mitigate any foreseen negative impacts to our business."

As of 0855 BST, Focusrite shares had climbed 6.39% to 529.80p.