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Focusrite plc reveals positive first-year results

Revenue for the group was up 17.2 per cent to £48m, and adjusted EBITDA up 13.1 per cent

Focusrite plc has released its annual results for its first year as a publicly traded entity.

Revenue for the group – which trades under the stock code TUNE on the London Stock Exchange’s international market for smaller companies, AIM – was up 17.2 per cent to £48m (€66m), and adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) up 13.1 per cent. The company launched 19 new products last year, including the Clarett Range of under-1ms-latency Thunderbolt interfaces and new RedNet models MP8R, D16R, HD32R and D64R, which it says are expected to drive growth in the 2016 financial year.

Focusrite/Novation floated as Focusrite plc in December last year, with shares up 10 per cent on its first day of trading.

Focusrite plc’s chairman, Phil Dudderidge, comments: “This is the first set of annual results since Focusrite plc IPOed, and I am pleased that we have performed well, meeting market expectations with record revenues and profit for the year.

“There has never been a better time to be in the musical instrument and music recording market, and we are making the best of the opportunity, taking a leading role in the changes that are sweeping our marketplace.”

CEO Dave Froker adds: “Important to our business is the changing nature of music-making, production and distribution. Focusrite [with sister brand Novation] is well-placed to take advantage of the shift to electronic dance music, mobile ways of making and recording music and the use of Spotify and YouTube as media for awareness and delivering music to fans.

“Musicians today face an upending stream of hurdles while creating, producing and performing music. Our drive to make music easy to make, at all levels of expertise, is paying off: the percentage of new owners of our products calling for help from tech support continues to decline.”

Focusrite was recently named, for the fourth consecutive year, as one of the 100 best small companies to work for by The Sunday Times.