Iconic hi-fi firm Linn Products invests £3.1 million as vinyl revival keeps spinning
“We have strengthened in all areas of the business, making significant investments in people, technology and manufacturing capability to ensure Linn continues to be the world leader in the hi-fi industry”
Linn Products, the iconic Scottish hi-fi manufacturer, has increased its annual sales despite profits cooling as it continued to direct millions of pounds towards research and new component launches.
The firm’s latest accounts showed that in the year ending September 30, sales totalled just under £23.1 million, up from £22.3m a year earlier. Profit before tax came in at about £1.3m, down from almost £1.5m in the prior 12-month period.
Linn, which designs and manufactures its high-end audio equipment at a state-of-the-art factory near Glasgow, said it had invested a further £3.1m purely in research and development to improve and expand its range of globally-acclaimed hi-fi systems.
There were significant new product launches, including a new-look Selekt DSM digital music player, the Klimax Solo 800 amplifier and the firm’s new 150 and 119 loudspeakers. There was also “resilient demand” across its product ranges - including for the legendary Sondek LP12 turntable, amid the continuing vinyl revival, the range of class-leading digital music players and streamers, and the top-of-the-range 360 loudspeaker.
During the year, sales were said to be resilient in all key territories - the UK, the US, Germany and Japan. According to the latest accounts, the company’s highest-paid director - likely to be chief executive Gilad Tiefenbrun - received £310,000, down from £336,000 a year earlier. The firm’s overall headcount of 168 held steady.
Tiefenbrun said: “It's been another successful year for the company. We have strengthened in all areas of the business, making significant investments in people, technology and manufacturing capability to ensure Linn continues to be the world leader in the hi-fi industry.”
In February last year, Linn said it had invested more than £3m during its 50th anniversary year in a bid to keep it at the forefront of audio innovation. That period saw a landmark collaboration between the Scottish firm and Sir Jony Ive’s LoveFrom collective to create a 50th anniversary limited edition turntable, the Sondek LP12-50 - a product launch which is said to have resulted in the largest global press reaction in the hi-fi firm’s history.
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