Online music instruments retailer Gear4Music is the latest in a stream of businesses to issue a warning that its results will fall below market expectations for the year. The business had enjoyed a major boost during the height of the pandemic but total sales for the year to 31st March 2022 were down by 6 per cent to £147.6m. This is the business stresses, still 31 per cent over its pre-Covid 2020 results.
The news saw the share price drop to 270p per share against the 1010p per share it reached in June 2021.
CEO Andrew Wass said: “FY22 financial performance has been impacted by weaker consumer demand during February and March.”
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