eXpansys posts half year profit

Online wireless and consumer technology retailer eXpansys reported a half year profit compared to a loss during the same six months a year earlier after strong growth particularly in the US and Asia.

The group, which sells smartphones, laptops and cables, said pre-tax profit came in at £0.8m for the six months ended 31 October 2011 from a loss of £39,000 the year before. Adjusted profit before tax increased 13% to £1.6m.

Turnover for the period increased 42% to £46.6m and includes six months of contribution from DSNS and PJ Media, compared to three months in the first half of 2010.

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At its retail business turnover increased 28% to £34.5m while turnover from its websites surged 64%, driven primarily by Asia and the US.

eXpansys saw a 19% increase in Europe retail business while retail businesses in Asia and the US saw growth of 122% and 95% respectively compared to the first half of 2010.

Its UK retail business remains a challenge and experienced a negative performance in terms of revenue and profits in this half, the group said.

Chairman Bob Wigley commented, "We are encouraged by the improvements across the group in the first half and are seeing the strategic benefits of the 2010 acquisitions flowing through. We are focused on building on this momentum through the second half of the year which includes the retail division's important Christmas period."

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cj