Focusrite - Second-half trading as expected with higher cash
Focusrite ends the year with revenue as forecast, continued profit growth in the second half and revenue in line with our expected slower second-half growth. Cash of £22.8m is 10% higher than we forecast and is now over half the balance sheet. US tariffs will likely apply to Focusrite’s business there and management has been considering its response, while risks associated to Brexit appear relatively minor to us. It seems the share price continues to discount a significant acquisition.Focusrite is engaged in the development, manufacture and marketing of professional audio and electronic music products. As of Aug 31 2017, Co. had three business segments: Focusrite, which includes the sales of Focusrite or Focusrite Pro branded products; Novation, which includes the sales of Novation or Ampify branded products; and Distribution, which distributes third-party brands including KRK, Ableton, Stanton, Cerwin-Vega, Cakewalk and sE Electronics.
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