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Gear4music reports 'transformational year' with record sales and profits

Laura  Barnes
Gear4music reports 'transformational year' with record sales and profits

Online MI retailer Gear4music has announced its unaudited financial results for the 12 months ended 28th February 2017.

The firm says it has had a “transformational year” and reports record growth in sales and profits.

Revenue for the 12 months was up 58%, with record profits driven by improved margin performance. Gear4music also revealed that the amount of active customers was up 50% to 340,000 during the period.

The past year has seen the retailer open distribution centres in Sweden and Germany to enhance European customer proposition. It has also acquired a software development team to accelerate its e-commerce platform development.
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The Group also announced that it has exchanged contracts to acquire a 50,000 sq. ft. freehold property at Holgate Park in York for £5.3 million. Completion is scheduled for 30th June 2017 and it will become the Group's long-term head office, providing capacity for further expansion as required.

"This has been a transformational year for the business, with further expansion of the Gear4music brand driving record sales and profits,” commented Andrew Wass, chief executive officer of Gear4music.

"In particular we have seen significant expansion in our International business where sales have been very strong. We have therefore accelerated investment in our European infrastructure to improve our customer proposition and reach, most notably through the opening of two new distribution hubs in Sweden and Germany.

"Our growth has been underpinned by the quality of our bespoke e-commerce platform and we continue to drive innovation in this area to further improve our systems and websites, both in the UK and overseas.

"We begin our current financial year with good momentum and continued appetite from customers around the world for our market leading service and product offering. We are well positioned to deliver further growth and have plans in place to continue investing in our operational facilities and systems to support our growth plans.”

Wass concluded: “The next 12 months will be exciting as we move into our new head office in York, scale up our European operations, and enhance our worldwide proposition, and we remain confident in the long-term growth prospects for the Group."

Tags: Retail , online retail , record sales , financial report , gear4music , record profits

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