YORK headquartered musical instrument retailer Gear4Music is on track for “another year of good progress” as it moves to larger offices in the city.

The AIM listed business, currently based at Clifton Moor, but moving to Holgate, held its AGM last week, when chief executive Andrew Wass told shareholders the business has seen strong revenue growth.

He said: “I am pleased to report that Gear4music’s trading performance in the financial year to date is in line with the Board’s expectations.

“UK and international revenue growth has continued to be strong, and our new European distribution centres are materially improving our customer proposition in Northern Europe. We anticipate further momentum in European sales during the second half of the financial year.

“Our strategy of investing to deliver long term growth remains on track, and was further bolstered in May 2017 when we raised £4.2 million of additional growth capital in an oversubscribed placing. I would like to thank our existing and new investors for their support.”

Gear4Music sells own-brand musical instruments and music equipment alongside third-party brands to customers worldwide.

In its last financial results, announced in May, Gear4Music reported a record year for sales and profits, in which revenues rose 58 per cent to £56 million and gross profits hit £15 million, up from £9 million the year before.

The group reported strong revenue growth in international markets, up 124 per cent, with European operations enhanced by the opening of distribution centres in Sweden and Germany.

At the AGM last week Mr Wass said: “As previously outlined, the current financial year is expected to follow a more typical seasonal trading pattern, with a higher proportion of sales and profits being generated during the second half of the year than was the case in the previous year.

“Also, as previously notified, the first half of the current financial year will include the costs of embedding our new European distribution centres and setting up our recently acquired head office in York.

“Based on the overall performance of the business during the financial year to date, the board is confident of another year of good progress.”

Gear4Music, which operates showrooms in York and Sweden, and distribution centres in York, Sweden and Germany, is due to announce a trading update in early September, followed by the full half year results in October.