Following a strong first half driven in part by known product launches, this equally strong second half appears to show a more fundamental improvement resulting from sustained sales growth and improving mix together with margin and cash management in Focusrite PLC (LON:TUNE)'s international markets. These factors underpin our conviction that the company has sustainable independent strength.
Revenue and profit over-performance: FY17e upgrade
Focusrite has had an excellent second half. Revenue was up c 22% for the year, implying c 20% revenue growth in the second half. The fact that both revenue and profit are now guided ahead of the first half raises our expected pre-tax profit for the full year by £0.7m, or 8.8% to £9.2m.
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