Gear4Music blames tough trading conditions over latest figures

York-based online music retailer Gear4Music has recorded a small loss, blaming tough trading conditions. In the year to March 30, the company which also has a public showroom on Clifton Moor recorded a loss of £400,000, compared to a profit of £5m the previous year. However, revenues increased by 3% over the year, from £147.6m to £152m, and by 26% in 2020 when revenue was £120.3m. Gross margins declined slightly, as did the number of ‘active customers’ down to 810,000, but such numbers remain 7% higher than in 2020, when the retailer received a pandemic boost. Chief executive officer Andrew Wass said the results were in line with guidance.