York-based online retailer Gear4Music has made “swift strategic and operational changes” after reporting a loss.
The listed company grew sales by 48% to £118m for the year to March 31st, but made a loss before tax of £0.6m, compared to £1.5m last year.
Underlying earnings (EBITDA) fell 34% to £2.3m.
Chief executive Andrew Wass, a former sound recording engineer who founded the company in 2003, hailed the growth in revenue but said that issues had been addressed internally in relation to the falling profitability.
He said: “In response we have undertaken a thorough review of all aspects of the business, and are confident that the swift strategic and operational changes being made will significantly reduce the risk of these issues reoccurring in the year ahead.”
He added that “positive trends” had already begun to show in the current year.
