Gear4music expects higher than predicted profits

Gear4music has announced it expects profits to be higher than originally predicted for the financial year ending 31 March 2020, in a trading update published today. The online musical instruments and music equipment retailer also outlined its commitment to continue trading during the Covid-19 crisis, stating the importance of helping people stay mentally active over the course of the UK’s lockdown period.

The online merchant put this better-than-expected performance down to its commercial and operational progress over the last 12 months. With the ability to carry on operating in the current climate through its eCommerce structure, Gear4music remains confident of maintaining good sales figures during the Covid-19 epidemic, outlining steps it has put in place to continue supplying customers whilst ensuring the health and safety of its employees. These measures include having staff from its call centre teams working from home, as well as implementing social distancing for employees working in distribution centres across the UK and Europe.

Andrew Wass, chief executive officer of Gear4music commented: "Whilst it is impossible to predict what further operational actions may become necessary during the coming weeks and months, we remain committed to operating safely and serving our valued customers for as long as government guidance allows.”

The retailer outlined that it expects customers to continue purchasing its products and services over the coming weeks and months, as people find ways of staying busy whilst being forced to stay indoors.

Wass added: “In addition to the economic benefits of uninterrupted trading, we are driven by the knowledge that learning a new instrument or improving musical skills can bring enormous mental wellbeing benefits to people of all ages, particularly in challenging times like these."

Gear4music will provide a more detailed update on its financial performance for the year ending 31 March 2020 on 23 April.

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