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Focusrite (TUNE) investor relations material
Focusrite H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue grew 5.2% year-over-year to £80.9m, with organic constant currency growth of 7.2%, driven by Content Creation, while Audio Reproduction normalized after post-pandemic surges.
Gross margin declined by 1.9 percentage points to 43.9%, impacted by product mix, higher freight costs, and one-off costs.
Adjusted EBITDA fell 14% to £10.4m, and EPS decreased, reflecting lower gross margin and increased costs.
Net debt reduced significantly year-over-year to £17.9m, with interim dividend maintained at 2.1p.
Inventory levels normalized in EMEA and APAC; US inventory increased temporarily to mitigate tariff risks.
Financial highlights
Revenue: £80.9m (up 5.2% year-over-year); organic constant currency growth 7.2%.
Gross margin: 43.9% (down 1.9pp year-over-year); adjusted EBITDA: £10.4m (margin 12.9%).
Adjusted diluted EPS: 6.6p, down 14.3% year-over-year; reported diluted EPS: 3.1p, down 26.2%.
Adjusted free cash outflow: £2.3m, improved from £20.8m outflow in HY24.
Net debt: £17.9m, improved from £27.3m in HY24.
Outlook and guidance
Expecting low single-digit revenue growth for the full year, with slight H2 weighting due to seasonality and new product launches.
Gross margin improvement anticipated in H2 outside the US, driven by lower freight costs and non-repeat of one-off rework costs.
Cash flow expected to turn positive in H2, reducing net debt as working capital unwinds.
Profit expectations for the year remain unchanged, but US tariff volatility and macroeconomic risks remain key uncertainties.
Actions to mitigate US tariff risks include inventory build, price increases, and manufacturing relocation.
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