Online musical instrument retailer Gear4Music has reported a pre-tax profit of £600k for the year to 31 March 2024, having recorded a loss of £400k for the previous year.
The business had made a number of redundancies in order to right-size its overheads and had focused on reducing costs across the business. It says that it expects a pretax profit of £2.8m for the current year.
“Having delivered the key objectives we set ourselves at the beginning of FY24, the group is well positioned to relaunch its profitable growth strategy for FY25. This will focus on expanding sales verticals and channels to market whilst further enhancing and leveraging our unique bespoke eCommerce platform and product offering,” said CEO Andrew Wass.
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