Focusrite - Cautious optimism after significant challenges

Focusrite’s (TUNE’s) FY24 results highlight the negative effects of the most challenging year the CEO has faced. While the company’s main operating market has been difficult, management has continued to invest in development and release new products, which have enabled TUNE to outperform and gain share across all markets in FY24, and should enable it to thrive when conditions improve. With signs of stabilisation in its most important segment, TUNE’s valuation looks attractive.