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BrightHouse Publishes Results for the Six Months Ended 30 September 2010 - Rent-to-own business model resilient in a climate of economic uncertainty pre-Christmas trading is positive
BrightHouse Publishes Results for the Six Months Ended 30 September 2010

 

NewswireToday - /newswire/ - London, United Kingdom, 2010/11/11 - Rent-to-own business model resilient in a climate of economic uncertainty pre-Christmas trading is positive.

   
 
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BrightHouse, the UK's leading rent-to-own retailer today announces interim results for the six months to 30 September 2010.

Highlights:
• Revenue up 15.6% to £109.4m (H1 2009: £94.6m).
• 10.7% like-for-like revenue growth.
• EBITDA up 16.4% to £17.0m (H1 2009: £14.6m).
• 15 new stores opened in the six month period, taking the portfolio to 213 stores. On track to open a total of 30 stores during the 2010/11 financial year.
• Sales have grown across most product lines. Most in-demand items for Christmas are expected to include: games consoles, smartphones and flat screen TVs.

Leo McKee, BrightHouse Chief Executive, said: In this challenging retail environment, it is pleasing that BrightHouse again has delivered improved revenue, profit and customer numbers. Our market, serving low income families, continues to be significantly underserved. Accordingly, demand for our products and services remains strong. Our store opening programme continues at pace. The new stores are being well received in their local communities, and are performing on plan.
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.”

Summary
• BrightHouse provides quality branded household goods to customers on affordable weekly payments. It employs some 2500 people throughout the UK.

• Trading performance for the six months to 30 September 2010 has shown continued revenue growth from new and existing stores.

• Both existing and new stores show significant further growth potential. The store expansion programme will continue in the second half of the financial year.

• Total revenue in the period increased by 15.6%, with like-for-like revenue up 10.7%.

• 38% of new customers are referrals from existing customers.

• Independent research indicates a 97% customer satisfaction rate.

• The Company's recycling plan means that the Company processed over 350 tonnes of mixed waste during the period. An initial £120,000 investment is now saving the Company around £250,000 per year.

• Through its community involvement programme BrightHouse supports the NSPCC, Sports Aid and Retail Trust.

For further information please contact:
Brunswick PR: +44 (0) 20 7404 5959 / E: brighthouse[.]brunswickgroup.com
Kevin Byram, Craig Breheny, Michelangelo Bendandi, Charlotte Robertson

BrightHouse (brighthousegroup.co.uk) is a national retail chain specialising in the sale of home electronic and domestic appliances, household furniture and related products, on a "rent-to-own" affordable weekly payment basis. BrightHouse provide customers access to a choice of products, operating without the normal requirement of large deposits and credit ratings. With more than 2500 staff UK-wide, BrightHouse is a substantial employer in the local communities where its stores are located. BrightHouse supports NSPCC, the UK's leading children's charity that specialises in child protection and the prevention of cruelty to children.

BrightHouse is ranked 156th in the 2010 Sunday Times mid-market top track 250 companies.
Caversham Finance Limited trading as BrightHouse. Registered in England 00785922.

 
 
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BrightHouse Publishes Results for the Six Months Ended 30 September 2010

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Publisher Contact: Sharmee Mavadia - DigitalisMedia.co.uk 
+44(0)20 7153 8458 melissa.conibear[.]digitalismedia.co.uk
 
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