Focusrite plc, the High Wycombe-based global music and audio products company which comprises the Focusrite, ADAM Audio, Novation and Ampify Music brands, has reported Group revenue up by 23.5 per cent to £49.9 million in its half year results for the six months ended 29 February 2020.
While the Group’s purchase, last December, of Martin Audio Ltd and associated companies, the Buckinghamshire-based designer and manufacturer of high-performance loudspeaker systems has affected the company’s profits (Focusrite paid £39.6 million), the company says consumer demand remained strong across the Focusrite and Novation ranges although revenue down slightly like for like in the period due to the initial impact of COVID-19 in China
Tim Carroll, Focusrite’s Chief Executive Officer, said: “We are delighted to have acquired Martin Audio in December 2019, adding another complementary high quality business, following on the heels of our acquisition of ADAM Audio in July 2019. That was closely followed by the COVID-19 pandemic. We have managed the challenges well and I salute the whole team. As a result of their agile management of the situation, the impact of supply chain issues as a result of COVID-19 was limited to approximately £2 million of revenue in February 2020.”
He continued: “Since the half year, consumer demand for Focusrite and ADAM Audio products has been high especially via ecommerce and we have seen record levels of product registrations at Focusrite indicating positive sell-through to end-users. Manufacturing in China is back up to speed and we are working hard to ensure that consumers can still get the product they wish to buy without delay. Demand for Martin Audio products is being affected by the lack of live music events due to COVID-19 but we believe this will recover in time. Our people are adapting well to the unusual working conditions, supported by state-of-the-art IT and communications facilities that enable working at home. We are confident that the Group will come through this upheaval stronger than ever. However, for the time being we must remain appropriately cautious given the unprecedented circumstances in which we all find ourselves.”