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£28m Gear4Music makes good start to life on AIM

£28m Gear4Music makes good start to life on AIM

The chief executive of Gear4Music has said the music equipment retailer is well-placed ahead of the important Christmas trading period after a strong performance since its flotation in June. Its IPO raised £10m, which is funding for further development of its ecommerce platform, and marketing and sales.

In a trading update for the six months to 31 August, its first since floating on AIM, Gear4Music reported a strong increase in sales in both the UK and Europe. Visitor numbers to its website also rose by 29 per cent compared with the same period last year, contributing to a 43 per cent increase in total like-for-like sales.

Gear4music chief executive officer Andrew Wass said: “We are very pleased with the continuing strong performance of Gear4music, which has traded comfortably in line with the board’s expectations in the first half of our financial year, and we believe we are well placed as we approach our important Christmas trading period.

“The funds raised in our recent IPO are allowing us to accelerate investment into our websites, product offering and specialist staff, to ensure our customers enjoy an even wider range of competitively priced products, backed up by our industry leading customer service, ordering convenience and delivery options.”