- Online music and equipment retailer Gear4music upgraded its outlook after reporting a jump in sales in the first of the year as strong demand continued.

For the six months to 30 September 2020, sales grew 42% to £70.2 million year-on-year and gross margin improved by 330bps to 28.5%. Gross profit increased by 60% from £12.5m in the half, to £20.0m. The company said strong trading patterns seen in Q1 FY21, had continued throughout q2, boosting growth. 'Alongside the exceptional period of sales growth during Q1, the outcome will be financial results for H1 FY21 that are materially ahead of last year. 'As such, the Board is confident that results for the full financial year will be ahead of previous consensus market expectations,' the company said.

At 8:17am: (LON:G4M) Gear4music Holdings Plc share price was +35p at 725p

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