Focusrite Raises $35 Million In London Stock Offering
...nearly 10% to 136 pence from the initial offering price of 124 pence. The offering values the U.K.-based manufacturer of Focusrite professional recording interfaces and Novation DJ gear and MIDI controllers at £73.2 million ($114 million USD). Company revenues for the year ended August 31, 2014 advanced 13% to £41m ($64 million USD) up from £36.1 million ($56.5 million USD) last year. Pre-tax profits were up 6% to £5.2 million ($8.1 million USD) from £4.9m ($7.6 million USD).
Phil Dudderidge, executive chairman and company founder, said, “This is a momentous day for Focusrite, and I’m delighted that we’ve been able to successfully complete our flotation. We look forward to rewarding both our new and existing shareholders with continued growth in revenue and profits, and increasing our market share.”
With a product line that addresses both professionals and hobbyists, Focusrite Novation is benefitting from the popularity of electronic dance music, and the shift towards computer-based recording systems. Under the Focusrite brand, the company offers a line of high-end audio interfaces and mic-preamps that are used in studios worldwide. Its Novation brand offers MIDI controllers, software-based synthesizers, and a variety of other affordable products that appeal to entry-level musicians. The company is headquartered in High Wycombe, United Kingdom with a marketing subsidiary in Los Angeles, United States.
Company founder Phil Dudderidge has had a storied career and can rightfully be called a pro audio pioneer. In 1970, he joined Led Zeppelin as the band’s first dedicated live sound engineer. Later, he teamed with Hiwatt to develop early sound reinforcement systems. In 1973, after a stint running Europa Concert Systems, which supplied sound systems to American bands touring in Europe, he left to found Soundcraft. By 1988, with Soundcraft established as a leading manufacturer, he sold the company to Harman International.
After a year working for Harman, he left and acquired the assets of Focusrite out of bankruptcy. Founded by famed console designer Rupert Neve, Focusrite produced a line of high-end mic-preamps. Today, in addition to its proprietary products, Focusrite distributes Stanton and Ableton products in the U.K.
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