LINN Products, the high-end audio specialist, has vowed to continue investing millions in new products despite recording a fall in sales and profits.
The privately-owned firm – one of the most revered names in hi-fi – said it had also invested “substantially” to grow its presence in China, where it is targeting well-heeled audiophiles.
Turnover fell 5 per cent to £16.4 million in the year to June. Sales held up well in the UK and recession-torn Europe – Linn’s biggest market – and increased to the Africa, Asia and Australasia region, but fell sharply in the Americas. Pre-tax profits fell to £755,000 from £2.2m.
The firm, based at Waterfoot, near Glasgow, said product launches were “significantly” down ahead of the release of new models in September to coincide with its 40th year of trading.
Investment still topped £2.2m in the year as the company developed its latest “Exakt” digital audio system. The headcount rose by six to 175.
Managing director Gilad Tiefenbrun said: “Linn continues to command premium positioning at retail and in the minds of consumers.
“We are proud to celebrate 40 years of success and will continue to lead the market in creating outstanding home music systems from our Scottish base for the next 40 years.”
Linn said it planned to increase investment in the coming financial year “in the face of a challenging macro-economic environment”.
As part of its 40th anniversary celebrations, the firm collaborated with distiller Highland Park to create a limited edition of its first product, the Sondek LP12 turntable, featuring an oak plinth crafted from whisky casks. Each model was paired with a special bottling of 40-year-old Highland Park.