Gear4music, the UK's leading online musical instrument retailer, announced at its annual general meeting that it is on track to achieve over £150 million in revenue by 2025.

The company, headquartered in York and listed on the London Stock Exchange, projected revenue of £154.7 million and earnings before interest, taxes, depreciation, and amortisation (EBITDA) of £11.7 million for the financial year ending March 2025.

The announcement comes after a significant recovery in the company’s financial performance, with shares surging in August following a return to profitability.

Despite a 5% drop in sales, Gear4music posted a pre-tax profit of £1.1 million for the year ending March 2024, a notable improvement from the £0.4 million loss reported the previous year.

Andrew Wass, the company’s executive chair, expressed confidence in the company’s growth strategy, emphasizing its operational readiness for the upcoming seasonal trading peak and a long-term focus on profitable growth.

He also highlighted successful efforts to reduce net debt and operating costs during FY24, which have helped set the foundation for future success.

Gear4music plans to release a trading update for the first half of FY25 on October 22, 2024, followed by its half-year results on November 19, 2024.