Retailer BrightHouse year profit up
LONDON (Reuters) - "Rent to own" retailer BrightHouse on Monday posted a 21.5 percent rise in full-year underlying profit and said current trading was in line with management hopes.
The 177-store firm, which sells electrical appliances, household furniture and related products to customers who make weekly payments, said earnings before interest, tax, depreciation and amortisation (EBITDA) was 29.4 million pounds in the year to March 31, 2009.
This compares with 24.2 million pounds in the previous year. Revenue increased 16.9 percent to 170.6 million pounds and was up 13.9 percent on a like-for-like basis.
"BrightHouse has delivered improved revenue, profit and customer numbers, despite the difficult economic environment facing the retail and financial services sectors in the UK," said Chief Executive Leo McKee.
"Current trading is in line with management expectations and the company is well placed for further growth."
The group, which is owned by investment firm Vision Capital, plans 20 new store openings in the 2009/10 year.
Last month, Britain's two largest electrical retailers, DSG International (DSGI.L) and Kesa Electricals (KESA.L), both reported slumps in annual profit and gloomy outlook statements.
(Reporting by James Davey; editing by Simon Jessop)
