Focusrite expects revenues surge as entertainment industry records remotely

AIM-listed Focusrite, whose audio products are used in the entertainment industry and for podcasting and streaming, saw shares soar by more than 5% this morning on revealing it expects to see first half revenues nearly double on the same period in 2020.

The High Wycombe-based firm - whose chairman is Phil Dudderidge, Led Zeppelin’s first soundman - said in a trading update that it has cleared all bank debt and expects revenues for the six months to end February to exceed £90 million, up from £49.9 million the year before.

It comes after the company revealed better-than-expected revenues of £129 million for the year to August 2020.

Chief executive, Tim Carroll, added that the firm expects its Martin Audio “to rebound as live events restart”.

But the business cautioned that its operations are currently being hit by “supply constraints due to the global shortage of semi-conductors and other components”.