In view of the global effects of the coronavirus pandemic, Linn Goods, the Scottish music pioneer, returns to profit
By Helena Sutan on January 4, 2021 Finance
By Ian McConnell
In the midst of the coronavirus pandemic, Scottish family-owned Linn Products, which produces high-end music systems, has declared a return to profit, helped by an expansion of its product range.
Established in 1973, the Eaglesham, East Renfrewshire-based firm, yesterday posted an operating profit of £ 482,000 on revenue of £ 18.6 million for the 15 months to September, noting that it had spent £ 3.4 million in R&D. After a profit of £ 872,000 in the previous 12 months, Linn suffered a pre-tax loss of £ 636,000 in the year to June 2019, despite heavy expenditure in product growth. In the year to June 2019, sales dropped 3.8 percent to £ 15.7 million.
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"significant launches in the hi-fi, custom installation and lifestyle sectors that will appeal to an even broader base of discerning customers."
The investment in Series 3, the first 'all-in-one' wireless speaker, whose sound quality was highly appreciated by customers, was especially highlighted. The latest update to the Sondek LP12 turntable, Karousel, was also highlighted, noting, "This new central bearing assembly delivers a performance leap for new models and can be retrofitted to any Sondek LP12 sold since its introduction in 1973."
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"The success of these two innovations in particular has helped the group return to profitability, albeit in an extended 15-month fiscal year that was impacted by the effects of Covid-19."In particular, the success of these two innovations has helped the group return to profitability, albeit in an extended 15-month fiscal year that was influenced by Covid-19's effects.
Chief Executive Gilad Tiefenbrun said, "With many problems caused by the pandemic, including forced closures affecting our retailers around the world and massive disruptions in our supply chain, it was an incredibly challenging year."
"Despite this, and thanks to the efforts of our skilled and motivated workforce, we are incredibly proud that we were able to continue to delight music lovers with world-class products, invest in advanced manufacturing capabilities, and return to profitability."
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