EXPECTATIONS are high for the future of a York-based company which supplies specialist computer systems for audio recording and video-editing.
Red Submarine Ltd, based in James Street, launched a new venture last year to attract more customers and is revelling in its new success.
In the year ending December 2003, the company's annual turnover was £1.2 million, generating a £19,500 profit. This was an improvement on the previous year, which generated a £10,000 profit on a £980,000 turnover.
But managing director Andrew Wass had far greater ambitions for the company, which is in the running for the Evening Press's Business of the Year awards for growth and e-commerce.
The website www.gear4music.com was launched last October to compliment the existing www.sub.co.uk
It aimed to attract more customers by selling a larger range of products, and then being able to use this database to increase the sales of Red Submarine's specialist music computer systems.
gear4music.com was an instant success. The site features more than 3,700 products from 160 manufacturers, and attracts 5,000 new visitors a day.
Sales for the first six months of 2004 are up by 71 per cent compared with the same period last year, and the company is now anticipating a turnover this year of around £2million with profitability increasing three fold.
Expectations for next year are even higher as the brand becomes better known.
A sales target of £3million has been set, representing sales growth of 150 per cent over two years.
The success is attributed to an innovative use of technology combined with quality products at competitive prices.
To further boost its growth, the company has recently launched its own range of musical instruments including drum kits, guitars, brass and orchestral instruments and expanded into a 4000sq foot warehouse alongside its current offices.
Updated: 11:21 Friday, September 17, 2004
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