Business
Final Results
Final Results.
About this update from Focusrite Plc
[{"type":"text","content":"\n\nStrictly Embargoed until 07.00, 28th November 2023\n \nFocusrite plc\n(\"Focusrite\" \"the Company\" or \"the Group\")\nFinal Results for the Year Ended 31 August 2023\n \nFocusrite plc (AIM: TUNE), the global music and audio products company, announces its Final Results for the year ended 31 August 2023.\n \nFinancial and operational highlights\n \n\n\n\n\n\n\n\nFY23\n\n\nFY22\n\n\nChange\n\n\n\n\nRevenue (£ million)\n\n\n178.5\n\n\n183.7\n\n\n-2.9%\n\n\n\n\nGross margin %\n\n\n47.5%\n\n\n45.3%\n\n\n+2.2ppts\n\n\n\n\nAdjusted1 EBITDA2 (£ million)\n\n\n38.6\n\n\n41.7\n\n\n-7.4%\n\n\n\n\nOperating profit (£ million)\n\n\n24.3\n\n\n28.7\n\n\n-15.3%\n\n\n\n\nAdjusted1 operating profit (£ million)\n\n\n30.4\n\n\n34.7\n\n\n-12.4%\n\n\n\n\nBasic earnings per share (p)\n\n\n30.4\n\n\n42.5\n\n\n-28.5%\n\n\n\n\nAdjusted1 diluted earnings per share (p)\n\n\n38.4\n\n\n49.93\n\n\n-23.0%\n\n\n\n\nTotal dividend per share (p)\n\n\n6.6\n\n\n6.0\n\n\n+10.0%\n\n\n\n\nNet debt4 (£ million)\n\n\n(1.3)\n\n\n(0.3)\n\n\n-£1.0m\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \nRevenue decrease of 2.9% reflects organic constant currency5 (OCC) decrease of 9.5% partially offset by acquisitions and foreign exchange translation benefits against a challenging market backdrop.\n \n· Content Creation revenue down by 9.7% (15.3% OCC decrease) to £137.0 million (FY22: £151.8 million), an improvement on first half decline of 16.1% with Focusrite brands returning to growth in H2.\n· Audio Reproduction revenue growing by 30.1% (19.6% OCC growth) to £41.5 million (FY22: £31.9 million), benefitting from a strong supply chain and a resurgence in demand for live experiences.\n· Gross margin increased by 2.2% points, with freight costs normalising, partially offset by investment in promotions to counteract cost of living challenges.\n· Adjusted EBITDA of £38.6 million down 7.4% from FY22, impacted by lower sales and investment in Group infrastructure.\n· Operating profit of £24.3 million down 15.3% impacted by increased amortisation from product launches and amortisation of acquired intangibles.\n· Launch of 32 new products across all brands throughout the year, including 4th generation of flagship Scarlett audio interface.\n· ...