Focusrite, which already has market leadership in niche product areas, is evolving its strategy, to set up new brands targeting the professional interface and app markets. Focusrite has beaten our FY17 forecasts with 30% earnings growth, and we upgrade for the third time this year. With its attractive c 85% overseas revenue structure, we believe Focusrite is well placed in the short and medium term to sustain its independent strength.

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