Focusrite PLC (LON:TUNE) has positioned itself in a way that makes its shares a particularly attractive investment: leadership in a niche product area protected from general consumer swings; an international market structure that makes it relatively currency agnostic; a habit of profit over delivery; a strong and further strengthening balance sheet; and an undemanding valuation. This first half trading statement confirms every one of those points.
Niche product area
The second half of 2016 was dominated by the successful launch of the second-generation Scarlett. In addition, in the first half of this financial year there has been notable strength in the Novation Launchpad range across Focusrite’s markets.
International market structure
Continued demand in the US has driven strong sales growth there. The Rest of World region is responding to management focus, and Europe has remained positive.
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