- Online music retailer Gear4music upgraded its core earnings guidance for fiscal 2021 and said it had made a stronger than expected start to the year.

Fiscal 2021 EBITDA was expected be ahead of expectations, and not less than £16.5 million, above the £7.8 million last year.

The updated guidance comes as the company reported a jump in quarterly sales.

For the three months to 31 December 2020, sales jumped 30% to £52.2 million and gross margin improved by 370 basis points to 29.9%.

'Whilst there are further refinements for us to make, I am pleased that the planned reconfiguration of our delivery systems and transport network has performed well, and has supported stronger trading since 1 January 2021 than the Board had initially expected,' Gear4music's chief executive officer, Andrew Wass, said.

At 9:59am: (LON:G4M) Gear4music Holdings Plc share price was 0p at 690p

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