Business
Trading Update and Directorate Change
Trading Update and Directorate Change.
About this update from Focusrite Plc
[{"type":"text","content":"\n \n \n RNS Number : 5389G\n Focusrite PLC\n 17 March 2020\n \n \n \n \n Strictly embargoed until 07.00, 18 March 2020\n \n \n \n \n \n \n \n \n Focusrite plc\n \n \n (\n \"\n the Company\" or \n \"\n the Group\")\n \n \n Trading Update and Directorate Change\n \n \n \n \n \n Focusrite plc (AIM: TUNE), the global music and audio products company supplying hardware and software used by professional and amateur musicians and the entertainment industry, is pleased to report that in the first half of the current financial year ending 31 August 2020 revenue has increased to approximately £50 million (HY19: £40.4 million).\n \n \n \n \n \n The outbreak of COVID-19 caused disruption in deliveries from our suppliers in China during the month of February. This had some impact on half year revenue, given disruption to supply, but the Board believes that existing stocks held by the Company and its distributors and dealers across the globe have been able to satisfy the majority of customer demand, which remains buoyant with \n consumer registration data indicat\n ing strong end-user sales. Consequently, underlying performance remains in line with current market expectations although it is hard to quantify the future disruption due to the impact of \n COVID-19 \n in the second half of the financial year. \n \n \n \n \n \n Reported revenues include the two acquisitions made last year, ADAM Audio and Martin Audio. Excluding those, the revenue for the half year is approximately £38 million (HY19: £40.4 million). In addition, there were orders in hand to support another £2 million of revenue, but the timing of supply of stock was impacted by COVID-19. These orders will now be satisfied during the second half of the financial year. \n \n \n \n \n \n Cash conversion has remained positive and, as at 29 February 2020, net debt was approximately £20 million from a £40 million facility, despite the purchase of both ADAM Audio in July 2019 and Martin Audio in December 2019 for a combined cost of approximately £54 million (including fees and net of acquired cash). This is compared with net cash of £14.9 million as at 31 August 2019 and £26.2 million as at 28 February 2019. \n \n \n \n \n \n Directorate Change\n \n \n \n \n \n The Company announces that...