StockMarketWire.com - Music and audio products group Focusrite posted a large rise in annual profit and hiked its dividend, as pandemic-related restrictions sparked high demand for home-recording equipment.

Pre-tax profit for the year through August jumped to £35.0 million, up from £7.0 million year-on-year, as revenue climbed 34% to £173.9 million.

Focusrite declared a full-year dividend of 5.2p, up 24% year-on-year.

'We are delighted with these outstanding results, having overcome disruption to component suppliers, factories, logistics and changes to working practices,' chief executive Phil Dudderidge said.

'With so many lockdowns around the world, musicians, podcasters, and other creatives in audio and sound have been investing in Focusrite interfaces and 'studio packs' in record numbers while we work hard to meet that challenging demand.'

'Major global take-up in home recording has also resulted in significant growth in demand for ADAM Audio monitor loudspeakers and Novation products.'

'In the professional audio industry, renewed demand from the live sound market promises further growth in 2022 and 2023 as sound service companies reinvest in the new generation of Martin Audio event systems.'




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