StockMarketWire.com - Music and audio products group Focusrite said it expected annual operating earnings to be ahead of expectations amid a 52% jump in sales.

Revenue for the year through August was seen ahead of market expectations at £129m, up from £84.7m on-year.

'Gross margins have improved from the prior year and as a result earnings before interest, tax, depreciation and amortisation is also expected to be ahead of market expectations,' the company said.

Revenue had been boosted by Adam Audio, acquired in July 2019, and Martin Audio, acquired in December 2019.

Sales were also underpinned by around 23% growth in the company's core audio engineering business.

Focusrite said it had decided to repay all assistance received by Martin Audio under the UK Coronavirus Job Retention Scheme.

'The group continues to see increased demand for solutions that enable the creation and playback of audio content for music, podcasting and streaming,' chief executive Tim Carroll said.

'Much of the Focusrite audio engineering and Adam Audio portfolios cater to these workflows and consequently have experienced continued high demand over and above our growth levels prior to the initial lock-downs.'

'The demand for Martin Audio products, especially for live sound events such as tours, festivals and theatres, has been negatively impacted since March 2020 due to Covid-19 restrictions.'

'However, we are now seeing some early signs of recovery for installed sound solutions in many regions for clubs, houses of worship and corporate audio / visual solutions.'




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