Focusrite PLC on Thursday said profit was down despite higher revenue as costs increased, while it declared an increased final dividend to shareholders.

The Buckinghamshire, England based music and audio products company said pretax profit for the financial year that ended August 31 was £30.5 million, down 13% from £35.0 million a year earlier.

Revenue was up 5.6% to £183.7 million from £173.9 million, while cost of sales increased by 12% to £100.5 million from £89.8 million.

It declared a final dividend of 4.15 pence to shareholders, up 12% from 3.70p a year earlier. This took the total dividend for its financial 2022 to 6.00p, up 15% from 5.20p.

Focusrite said trading in the first quarter of its financial 2023 was in line with expectations, as demand remains strong.

It said outlook was positive, planning continued investment in product development in all of its businesses to seize new market opportunities.

‘We remain mindful of the current significant global economic and political challenges, as well as the ongoing cost pressures in the supply chain, but we have worked hard to build back our inventory position. This provides greater resilience against supply chain volatility and ensures we are able to meet demand as we head into the key holiday season in FY23,’ said Chief Executive Officer Tim Carroll.

Shares in Focusrite were down 8.6% to 795.00p each in London on Thursday morning.

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