Strong growth in both the UK and Europe saw Gear4Music achieve £80 million sales for the year to 28 February 2018. The UK delivered 27 per cent growth whilst in Europe sales were up by 69 per cent. The business had increased its active customer file to 475,000 as well as invested in new European distribution facilities, systems and head office. During the year it had raised an additional £4.2 million of growth capital.
“As previously communicated, in 2017 we focused on scaling-up our business to ensure we have the capacity for further growth, investing into our European distribution centres, our new head office in York, and expanding our platform development capability, ” said Andrew Wass, chief executive of the musical instrument specialist. “We are confident that we are well placed to significantly grow both revenues and profitability during the next 12 months, as margins normalise, and the up-front investments we have made clearly demonstrate their ongoing value to the business.”
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