PremierLeague-News.Com Gear4Music shares hit all-time high on strong Christmas trading Breaking news
PremierLeague-News.Com - Shares in online musical instruments retailer Gear4Music (G4M:AIM) struck a positive note on Thursday, gaining 4% to 875p, a new all-time high, after saying it expected full-year results to be ahead of recently upgraded market expectations.
PremierLeague-News.Com - Breaking Sport Transfer News ! Shares in online musical instruments retailer Gear4Music (G4M:AIM) struck a positive note on Thursday, gaining 4% to 875p, a new all-time high, after saying it expected full-year results to be ahead of recently upgraded market expectations. FURTHER UPGRADES TO COME For the quarter to the end of December total revenues grew 30% to £52 million, with European and rest of the world sales jumping an impressive 51% while UK sales were 10% higher at £29 million. Full year EBITDA (earnings before interest, taxes, depreciation and amortisation) is now expected to be at least £16.5 million compared with £7.8 million reported last year. This is 32% higher than current analyst consensus estimates of £12.5 million, while revenues are expected to hit £150.
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Underlining the strength and momentum across the business consensus earnings per share estimates for 2021 have risen 150% since the lows in March 2020.
Chief executive and founder Andrew Wass commented, ‘Notwithstanding what has been an exceptional period of trading since lockdowns began in March 2020, the board remains confident that the group is well resourced and positioned to deliver further growth.’
Growth was driven by products that can used at home including guitars, keyboards and home recording equipment.
As social distancing measures start to get relaxed with the vaccine rollout, the company expects the live sound, drums and orchestral categories to return to stronger growth.
Research group Progressive upped their EBITDA forecast by 23% to £16.6 million and said, ‘we continue to note that G4M’s growth prospects are underpinned by its many scale and competitive advantages.’
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Source = PremierLeague-News.Com