UK's Gear4Music falls on lower annual profit

Gear4music (HOLDINGS)

20/06/2023 11:39

** Shares of UK-based musical instruments retailer
Gear4Music  G4M.L  fall as much as 6.8% to 95.50p
    ** Posts decrease of 5% in annual profit at 39 million
pounds ($49.79 million)
    ** G4M says reported annual EBITDA of 7.4 million pounds is
34% below 2022 and 5% below 2020 levels
    ** Co reports active customers of 810,000, 6% behind 2022 
    ** Says market conditions have continued to be challenging
since last update in April
    ** Stock is down about 12% YTD, as of last close

($1 = 0.7833 pounds)

 (Reporting by Shreyaa Narayanan in Bengaluru)
 ((Shreyaa.Narayanan@thomsonreuters.com))