A YORK-BASED online retailer of musical instruments has reported strong European sales following the referendum decision to leave the EU.

Gear4music (Holdings) plc, whose headquarters are in Clifton Moor, said it saw a 191 per cent increase in European like-for-like sales in the first full week following the referendum decision, from Monday, June 27, to Sunday, July 3.

It said this compared favourably with a 120 per cent increase in European like-for-like sales in the week preceding the vote, from Monday, June 13, to Sunday, 19 June 19.

The company said its European sales were supported by favourable exchange rates and responsive pricing, and that a more detailed trading update would be provided at its annual general meeting in London on July 29.

Its annual report and accounts for 2016 state that it is the largest UK based online retailer of musical instruments and music equipment, with sales in the year of £35.5 million, £9.5 million of which were in Europe.

Operational highlights include “strong sales growth into the core UK market (plus 39 per cent) and excellent progress into European markets (plus 73 per cent).