No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Shares in musical equipment retailer Gear4music shares fell early on Tuesday as investors reacted to news of slower summer trading and a lack of fresh upgrades in the the firm's annual general meeting statement, despite reporting yeartodate sales growth in line with expectations.
Ahead of its AGM, Gear4music said sales for the five months ended 31 August were up 7.3% yearonyear, with management saying it was pleased with the progress, but also noting that growth had moderated in July and August during an "unusually prolonged period of hot weather", and against a very strong prior year comparative.
However, the AIM-listed group reiterated that trading remained in line with internal expectations and confirmed that it would issue a sixmonth trading update on 20 October, followed by halfyear results on 17 November.
Gear4music noted that FY27 consensus expectations stood at £200.2m in revenue ahead of the update, with FY underlying earnings seen at roughly £16m and pretax profits expected to come in at £6m.
As of 1115 BST, Gear4music shares were down 7.79% at 260.50p.
Reporting by Iain Gilbert at Sharecast.com
See latest RNS at Investegate
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.