Focusrite reported revenue of £90.3 million for the six months to 31 August, up 2.7% on the restated £88.0 million recorded in the same period last year, as adjusted operating profit climbed 14.7% to £11.1 million.
The London-listed music and audio products company, which supplies hardware and software under the Focusrite, Novation and Martin Audio brands, said basic earnings per share more than doubled to 12.8p from a restated 6.2p, while adjusted diluted earnings per share rose 25.5% to 12.8p.
Gross margin expanded by 1.7 percentage points to 46.6%, which the company attributed to targeted price increases, cost reductions delivered with contract manufacturers and refined routes to market.
A period of delivery
"We have delivered a strong first-half performance, with revenue growth, improved margins and double-digit growth in adjusted operating profit, alongside a significant strengthening of our balance sheet," said chief executive Tim Carroll, adding that the business is "moving out of a period of adjustment to one of delivery."
Content Creation, which includes Focusrite audio interfaces and Novation controllers, grew revenue 5.2% to £66.9 million, driven by new product launches including the Focusrite CX8 interface and the second generation of FL Key controllers.
Audio Reproduction revenue fell 3.9% to £23.5 million as double-digit growth in the US was offset by weakness in China, though the division's order book strengthened, with order intake up 12% year-on-year and a book-to-bill ratio of 1.09 for the half.
Net debt fell to £1.5 million at 31 August, down from £10.8 million a year earlier and £8.6 million at the last financial year-end, which Focusrite said reflected working capital improvements and the receipt of US tariff refunds.
The company received £2.8 million of US tariff refunds relating to prior periods, of which £2.4 million was recognised as an adjusting item in the results.
The interim dividend was raised 3.0% to 2.16p per share.
Focusrite's proprietary silicon chip platform, FAESIC, is now in production, with the first product incorporating the technology expected to ship in early 2027; the company said the platform would support future product functionality and margin development while reducing supply chain risk.
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In Japan, a new direct-to-reseller model drove 20% revenue growth and contributed a 0.3 percentage point uplift to group gross margin, while the Americas saw a small revenue decline as the final stages of planned inventory destocking worked through the channel.
Looking ahead
Trading since the end of August has been "encouraging, with healthy underlying demand across both divisions," the company said, adding that revenue and profitability are expected to be more heavily weighted to the first half, as previously indicated, with the board confident of meeting market expectations for the year to 28 February 2027.
Sell-side forecasts for the full year, as cited by the company, range from £170.1 million to £173.7 million in revenue and £25.2 million to £27.4 million in adjusted EBITDA.
Focusrite will host a Capital Markets Event for institutional investors and analysts on Wednesday 25 November, though it said no new material trading information will be disclosed at the event.