By Christian Moess Laursen
UK-based music and audio products company, Focusrite, has announced its expectations for fiscal 2023 earnings to be in line with market views. However, the company anticipates a slight decline in revenue.
According to the company's statement on Thursday, revenue for the year ending Aug. 31 is projected to be no less than £177 million ($221.1 million), compared to £184 million in fiscal 2022. Nonetheless, the company reported that revenue in the second half of the year slightly surpassed the previous year's figure.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to fall within the lower end of the market consensus range collected by the company, ranging from £38.2 million to £39.0 million. This forecast is supported by improved gross margins.
Despite the challenging market conditions, Focusrite revealed that it has successfully maintained its market share and demonstrated growth over pre-pandemic levels. These achievements are particularly notable in the Asian market, which has faced additional difficulties.
Chief Executive Tim Carroll expressed satisfaction with the company's full-year results. He highlighted the strategic progress made by Focusrite throughout a year of extremely challenging trading conditions.
