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BrightHouse celebrates profit rise

Rent-to-own retailer BrightHouse has reported an increase in sales and underlying profit as it reveals plans to accelerate its store openings programme.

CITY & CORPORATE

BrightHouse celebrates profit rise

Rent-to-own retailer BrightHouse has reported an increase in sales and underlying profit as it reveals plans to accelerate its store openings programme.

Revenue in the year to 31 March increased by 17.1% to £266.5 million while underlying EBITDA was up 12.8% to £44.8 million. The company’s operating profit was £34.8 million compared to £33.6 million in the previous year. The company said it had benefited from a surge in TV sales during the first half of 2012 due to European Football Championships and London 2012.

BrightHouse opened 25 new stores in the year taking the total to 253 and said it plans to accelerate its store openings in 2012/13 with the launch of 35 new stores.

Commenting on the results, Leo McKee, chief executive, said: "BrightHouse has enjoyed another year of exceptional growth. With the overall retail landscape remaining unsettled, BrightHouse’s strong performance is noteworthy. We are accelerating our new store opening programme.  Thirty-five store openings are planned for 2012/13, which is a record number for BrightHouse. We are confident that both existing and new stores can continue to deliver solid growth and generate quality cash flow.

"BrightHouse is resilient and we remain committed to bringing value to our customers’ lives."

 

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