- Online music equipment retailer Gear4music reported a jump in annual profit, but reiterated this strong performance is unlikely to be repeated in fiscal 2022 despite stronger-than-expected first-quarter performance.

'Given that the FY21 exceptional financial performance was driven by the initial COVID-19 lockdowns during H1, the board does not expect to meet the same level of trading during H1 FY22, and as previously guided, does not currently expect to achieve the same level of full year profitability during FY22 that the group achieved during FY21,' the company said.

Trading in April and May 2021 stronger than the board's previous expectations, it added.

For the year ended 31 March 2021, pre-tax profit jumped to £14.6 million, a £11.5m improvement on FY20, as revenue increased 31% to £157.5 million. Earnings before interest, taxes, depreciation, and amortisation, or EBITDA, was up by 154% to £19.8 million, ahead of consensus market expectations

Active customers were up 32% to 1.06 million.

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