Focusrite, the global music and audio products group, has delivered outstanding results. Revenue of £75.1m grew by 13.7% year-on-year. It also posted stronger margins so that pre-tax profit of £11.3m grew 19.2%, beating estimates by 5%.
Adjusted earnings per share grew 18.9% to 17.6p and the dividend for the year is being increased by 22% to 3.3p. Net cash at £22.8m was up from £14.2m at August 2017, and now represents more than half the balance sheet.
Founded by Phil Dudderidge – who was once a sound engineer for Led Zeppelin, the company supplies hardware and software products used by professional and amateur musicians, which enables the high-quality production of music. Its best-known product is the Scarlett interface, which has won the Queen’s Award four times.
In FY18, powered by Asia, the rest of the world overtook the US as the group’s fastest growing region, though it still represents only 17% of total revenue. North America is the company’s largest sector, with 44% of revenue. For its part Europe and the Middle East retains 39% of the firms revenues.