Musical instrument specialist Gear4Music has reported annual revenue of £152m for the year to 31st March 2023 which is up fom the £147.6m generated last year. EBITDA fell, however, to £7.4m as compared to the £11.2m it achieved for 2021/22.
The business said that the year had been challenging but that it had been making progress towards a long-term profitable future. During the period the business had added three further DCs and had further developed the groundwork for its second-hand offering which is expected to be very well received.
Andrew Wass, Gear4Music CEO commented: “Throughout what has been a challenging year, we continued to make good progress in building the technical and operational infrastructure required for our long term success as the UK’s leading retailer of music instruments and equipment.
“A particular highlight has been the launch of our second-hand system, which whilst still in ‘soft launch’ stage, has traded over 1000 products within the first three months.”
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