Martin Audio has reported 22 per cent growth for the financial year 2017-18, with sales up from £16.5 million to £20.1 million for the period.
The double-digit growth follows the company’s buyout by LDC in 2018, while a number of major client additions, key product launches and overseas expansion have made a significant contribution. The loudspeaker designer and manufacturer is now forecasting a further 20 per cent increase throughout 2019.
Martin Audio has added a number of major global rental clients to its roster over the past 18 months, including US-based Soundworks, Southard Audio and Twilight Audio, which were part of efforts to consolidate the brand’s footprint in North America, where it is now established as a direct distributor. In addition, Jamaican brand Main Event Entertainment, and Dominican Republic-headquartered Group AR were also added joining the ranks of Martin Audio rental companies that manage tours, corporate events and major festivals including London’s British Summertime Festival at Hyde Park, Rock in Rio and Rock in Japan.
Some 15 new products were also announced over the past 12 months, with the company also expanding its scalable acoustic technology offering. Its new range of sound solutions has enabled the business to expand into the commercial install space,
Meanwhile, Martin Audio was backed by LDC in 2018, in a management buyout from global audio specialist Loud Audio. As part of the deal, LDC invested £12 million in the company, alongside its existing management team. This has lead to the development of key teams, processes and enhancing its computer software and ERP systems, as well as recruiting a new finance department from scratch.
Dom Harter, managing director of Martin Audio, said: “This has been a significant year for Martin Audio, with a series of key product launches to help us continue providing incredible audio experiences to our customers. We’ve also laid the groundwork for future growth by enhancing key business functions and ensuring we have the best possible team in place.
“LDC has backed our plan from the beginning and has played a key role in helping us set the wheels in motion, offering us the flexibility we needed and directly supporting our recruitment efforts. We’re now looking to build on the momentum we have created to expand our offering even further and become a major player in the market.”
Philip Weston, investment director at LDC London, added: “The ambition and drive of Dom and his team has helped Martin Audio to achieve record sales this year, expanding their portfolio of products to ensure they are at the forefront of audio technology. We are excited to continue working with the team and supporting them through their next phase of growth.”
Martin Audio systems have featured heavily at some of the UK’s biggest festivals this summer, completing a seven year contract with London’s British Summertime Hyde Park concert series, as well as several stages at Glastonbury, including the Pyramid Stage.