Musical instrument seller Gear4Music says it has boosted revenues over the Christmas trading period, despite a challenging market.

The York-based retailer is undergoing turnaround efforts which it says are paying off. It reported third quarter results to the end of December showing a 13% rise in UK revenues to £29.7m, and a 4% drop in European and the rest of the world to £19.3m - leading to a 6% boost to total revenue at £49m.

Bosses told the London Stock Exchange that Ebitda was performing in line with current market expectations for the year ending March 31 2025 which include revenues of £154.7m, Ebitda of £11.7m and pre-tax profit of £2.8m. The firm pointed to gross margin of 28.1% during the third quarter, compared with 28.2% in the same period last year, which it said showed pricing discipline.

Meanwhile gross profit was £13.7m, up £600,000 on Q3 last year. The latest trading update follows half year results published in November which show Gear4Music's operating losses narrowed to £500,000. Then it reported growth in its second-hand instruments platform in which it promised further investment, along with its own brand line of products.

Andrew Wass, Gear4music's executive chair, said: "We are pleased to report that financial performance during our FY25 peak seasonal trading period was in line with the board's expectations, with 6% revenue growth and an improvement in gross profit. This reflects the progress we have made as a result of our refreshed growth strategy, in what continues to be a challenging consumer environment, particularly in certain European markets.