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08 November 2010

Sales and earnings up at BrightHouse

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BrightHouse

Rent-to-own retailer BrightHouse has seen revenues jump 15.6 per cent to £109.4 million in the six months to September 30.


Like-for-like sales grew by 10.7 per cent and earnings (EBITDA) are 16.4 per cent up to £17m, against £14.2m in the first half of 2009.


The retailer reports that pre-Christmas trading is also looking positive with most in-demand items expected to include games consoles, smartphones and flat-screen TVs.


“In this challenging retail environment, it is pleasing that BrightHouse again has delivered improved revenue, profit and customer numbers,” said chief executive Leio McKee.


“Our market, serving low-income families, continues to be significantly underserved. Accordingly, demand for our products and services remains strong.”


He added that the group’s store opening programme continues with 15 new outlets opened in the first six months to take the portfolio to 213 stores. It plans to open a total of 30 during the 2010/11 financial year.


“The new stores are being well received in their local communities, and are performing on plan,” Mr McKee said.


“In the meantime, we are fully engaged in optimising customer service throughout our peak trading period. Overall, trading year to date is in line with management expectations.”