Focusrite (LSE:TUNE), the global music and audio products group, said first-quarter trading for the year to 28 February 2027 has been ahead of the prior year, with board expectations for the full year unchanged, as it reported a 5.7% rise in adjusted EBITDA for the pro-forma 12 months to 28 February.
On that comparable basis, adjusted EBITDA reached £24.7 million, up from £23.3 million, with revenue rising 1.3% and gross margin expanding 1.7 percentage points, driven by disciplined pricing and cost restructuring in the Content Creation division.
Content Creation, which includes the flagship Focusrite audio interfaces and Novation products, grew revenue 2.0% in reported terms and 3.6% in organic constant currency terms, while Audio Reproduction was broadly flat, with US market growth offsetting a normalising Asia-Pacific market.
Net debt fell £9.3 million to £8.6 million at period end, reflecting improvements in working capital, with debtors and inventory both lower across the period.
For the reported 18-month period to 28 February, revenue was £245.5 million and EBITDA was £34.9 million; the extended period reflects the company's financial year-end change.
Reported operating profit was dented by a non-cash impairment charge of £9.8 million on Sequential assets, reflecting difficult conditions in the premium synthesizer market.
"Innovation is central to our growth strategy and we are excited to reveal our new technology platform utilising our proprietary silicon chip," chief executive Tim Carroll said, describing it as underpinning confidence in the group's long-term competitive positioning.
A Capital Markets Event is planned before the end of the year.
