LDC-backed Martin Audio announces that it has recorded double-digit sales growth following a series of product launches and overseas expansion.
Specifically, the company reports a 22 percent increase in sales in its financial year 2017-18, growing from £16.5 million to £20.1 million. It’s now forecasting a further 20 percent increase throughout 2019.
Over the same period, Martin Audio has added several major global rental clients to its roster, including U.S.-based Soundworks, Southard Audio and Twilight Audio, which were part of efforts to consolidate the brand’s footprint in North America, where it is now established as a direct distributor.
In addition, Jamaican brand Main Event Entertainment, and Dominican Republic-headquartered Group AR were also added joining the ranks of Martin Audio rental companies that manage tours, corporate events and major festivals including London’s British Summertime Festival at Hyde Park, Rock in Rio and Rock in Japan.
The brand has also launched 15 new products over the past 12 months and extended its scalable acoustic technology offering. Its new range of products has enabled the business to expand into the commercial install space, allowing it to compete successfully with major industry players.
Martin Audio was backed by LDC in 2018, in a management buyout from Loud Audio. As part of the deal, LDC invested £12 million in the company, alongside its existing management team.
Following the carve-out, Martin Audio has invested in developing key teams, processes and enhancing its computer software and ERP systems, as well as recruiting a new finance department from scratch. Over the next 12 months, the company is looking to further expand its product range to further increase its market share.
Martin Audio managing director Dom Harter states, “This has been a significant year for Martin Audio, with a series of key product launches to help us continue providing incredible audio experiences to our customers. We’ve also laid the groundwork for future growth by enhancing key business functions and ensuring we have the best possible team in place.
“LDC has backed our plan from the beginning and has played a key role in helping us set the wheels in motion, offering us the flexibility we needed and directly supporting our recruitment efforts. We’re now looking to build on the momentum we have created to expand our offering even further and become a major player in the market.”
Philip Weston, investment director at LDC London, adds, “The ambition and drive of Dom and his team has helped Martin Audio to achieve record sales this year, expanding their portfolio of products to ensure they are at the forefront of audio technology. We are excited to continue working with the team and supporting them through their next phase of growth.”