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Musical equipment retailer Gear4music swung to a profit as operational improvements boosted margins.
For the year ended 31 March 2020, the company reported a pre-tax profit of £3.1m on-year compared with a £0.6m loss on-year, and revenue was up 2% to £120.3m.
Profit, which was ahead of the board's expectations, was boosted by a rise in margins owing to operational improvements.
Gross margin improved by 310bps to 25.9% on-year.
Looking ahead, the company said it had made a strong start to its new fiscal year, with exceptionally 'strong' trading seen in April and May 2020.
'Whilst still early in the current financial year, the Board is confident of continued financial improvements during FY21 and look forward to the year ahead with optimism,' the company said.