StockMarketWire.com - Music and audio products company Focusrite said it had decided to pay an interim dividend, while upgrading its profit guidance for the full year.

The company would pay a dividend for the six months through February of 1.3p per share, up 8.3% on-year.

Management had been putting a dividend decision on hold since announcing its first-half results in May.

On Friday, Focusrite said market expectations for the year through August 2020 were likely to be exceeded, with revenue and profits so far currently ahead of the company's expectations.

Demand for the company's audio engineering and Adam Audio products had been strong during Covid-19 lock-downs, thanks to widespread availability globally through e-commerce platforms.

'Consumer registrations of products primarily focused on home recording equipment have risen, indicating increased consumer demand,' Focusrite said.

'This has, in turn, led to increased reseller demand from the group.'

'Moving forward, it is expected that demand for these products will revert to a more normal level as the lock-downs ease.'

At the same time, demand for Martin Audio products had been significantly lower than pre-Covid levels of expectation due to the suspension of live music tours and festivals.

Demand on that front, however, was now starting to show modest signs of recovery driven by the installed sound segment.

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