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Focusrite profit falls on asset writedown; lifts dividend on underlying strength
StockMarketWire.com
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Music and audio products group Focusrite posted a 46% drop in annual profit after it wrote down the value of its Martin Audio business, due to the pandemic hurting the live gig scene.
The company, however, upped its dividend while touting a stronger underlying operating performance.
Pre-tax profit for the year through August fell to £7.0 million, down from £13.0 million year-on-year, and included £10.2 million goodwill writedown on Martin Audio.
Revenue, including from acquisitions, jumped 54% to £130.1 million, while earnings before interest, tax, depreciation and amortisation jumped 66% to £28.6 million.
Focusrite declared a full-year dividend of 4.2p per share, up 10.5% on the previous year's 3.8p.
Chief executive Phil Dudderidge said the company had benefited from growth in demand for music and recording products because musicians, both professional and amateur, were having to work at home or having more time to create music.
'Focusrite and ADAM Audio, in particular, have generated exceptional growth in the reported year and the new financial year has started well,' he said.
'The use of Focusrite audio interfaces has expanded with the growth of podcasting and the use of Zoom and other platforms for creative applications in music, as well as film and TV dubbing and radio entertainment where actors voice productions from home.'
At 8:00am: (LON:TUNE) Focusrite PLC share price was 0p at 960p
Story provided by StockMarketWire.com
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