YORK headquartered online musical instrument retailer Gear4music has reported a 44 per cent rise in revenues after growing overseas sales by £6.1 million.

Announcing its results of the six months ending August 31, 2017, Gear4music reported total revenues of £31.2 million, up form £21.6 million in the first half of 2016.

The figures were made up of UK sales totalling £17.9 million, representing a 30 per cent increase from the previous year, and overseas sales of £13.3 million, which were up 70 per cent from 2015.

Gear4music’s chief executive officer, Andrew Wass, said: “We are very pleased with our trading performance over the last six months, with 44 per cent revenue growth being ahead of our expectation for H1 as indicated at the start of the year, and equates to two-year growth of 150 per cent.

“Revenue growth in our core UK market continues to be strong, alongside very strong growth in our international markets, driven by our new distribution centres improving our customer proposition resulting in market share gains across Northern Europe.

“A period of investment into our proposition and infrastructure in H1 has increased our operational costs and restricted margins in the short term. Encouragingly, revenue growth over the last six weeks supports our expectation that, as previously stated, revenue and profitability is likely to be more H2 weighted in FY18 than in FY17.

“We remain focused on delivering long-term sustainable growth through investment in our people, products, websites and operational capabilities, and raising £4.2 million growth capital in May 2017 has enabled us to start accelerating investment in these key areas.”

The news comes as Gear4music prepares to relocate from its head office in Clifton Moor to a new home in Holgate Park.

The move has been supported by a £3.7 million funding package from HSBC, which contributed to the £5.3 million purchase of the offices.

The investment in the offices will provide improved facilities for its existing 210 staff and room to further expand its workforce and operations.

The deal was completed by Jonathan Rutter, HSBC’s corporate relationship director.

Adam Kelly, HSBC’s area director for North Yorkshire, said: “We have a long-term relationship with the business and are delighted to support the next stage of Gear4music’s development. The relocation to new and improved premises is a significant step forward.”