- Focusrite hiked its dividend as the music and audio products market saw annual profits rise by more than a fifth on improved margin growth.

For 2018, Profit before tax was up by 22.6% to £7.2m as revenue climbed 4.1% to £40.4m.

Gross margin increased to 44.3%, from 41.7% a year earlier, resulting in earnings (EBITDA) increasing to £8.9m from £8.0m, the company said.

The interim dividend was raised by 20% to 1.2 pence.

'Overall this was another pleasing performance with revenue exceeding that of the record revenue last year, and profit and cash rising more substantially. This has been reflected in the increased dividend. The Group needs to remain mindful of macroeconomic and political factors that affect its business, most notably import tariffs in the US, Brexit uncertainty and foreign exchange rates, but has strategies in place to deal with these,' said Tim Carroll, Chief Executive Officer.

'The Group has a strong new product pipeline with several important launches planned during 2019. We have established ourselves as a market leader and our aim is to capitalise further on this by continuing to excite and empower our customers. We look forward with continued confidence.'

At 10:11am: [LON:TUNE] Focusrite Plc share price was -17p at 500p

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