- Online music retailer Gear4Music swung to a net loss as gross margins fell in a 'highly competitive' market.

Revenue was up 48% to £118.2m, gross profit increased 32% to £26.9m but earnings before interest, tax, depreciation and amortisation fell 34% to £2.3m and the company posted a net loss of £163,000.

Commenting on the results, Andrew Wass, CEO said: 'Alongside delivering strong revenue growth in the period, we have worked hard to implement a number of commercial and operational initiatives to address the previously reported issues.

'Our FY20 H1 focus is on improving gross margins and ensuring a robust operational infrastructure is in place ahead of our peak H2 trading period, and I am pleased to report these actions are already yielding positive results.

'We are confident that we have the right strategy, customer proposition, financial resources and focus, to overcome the challenges of FY19, and achieve our objectives of maximising customer satisfaction and delivering value to shareholders.'

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