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BrightHouse, the leading UK rent-to-own retailer, today announces audited results for the twelve months to 31 March 2010.
Highlights:
• Revenue up 16% to £197.3m (2008/09: £170.6m);
• Underlying EBITDA* was up 16% to £34.1m (£29.4m);
• Operating profit £24.8m (£23.9m);
• Customer base grew 20% from 146,000 to 175,000;
• Independent research indicates a 96% customer satisfaction rate;
• 40% of new customers are referrals from existing customers;
• 21 new stores opened, taking the total to 198;
• 200th BrightHouse store (Bedford) opened in June; current total 204 stores.
* operating profit before depreciation of fixtures, equipment and vehicles, amortisation and historical one off items.
Leo McKee, Chief Executive, said: “Shoppers are cautious in the current economic climate but BrightHouse has again delivered improved revenue, profit and customer numbers. The company has grown from 141 stores in 2006, to 204 today. It opened 21 stores in the financial year ending 31 March 2010, and plans to open a further 30 stores during the current financial year, taking the total to 228. We will continue to expand by serving our core market – low income families. The alternative credit market in the UK comprises some 5.2 million households, giving us the potential to expand the chain over time to as many as 650 stores.”
“We are a responsible lender, serving families in some of the most socially deprived areas of Britain. We understand their needs and they value the convenience of making weekly payments and the personal relationship they develop with their store manager.There continues to be great demand for this proposition and the company’s growth prospects are good. Current trading is in line with management expectations and the company anticipates delivering further profitable growth.”
Summary
• BrightHouse provides quality branded household goods to customers on affordable weekly payments through 204 retail stores nationwide.
• The company currently has around 175,000 customers throughout the country. It provides customers, many of whom are credit impaired, with the means to access quality household goods and services through responsible lending and affordable weekly payments.
• The robust trading performance for the year to 31st March 2010 included continued revenue growth from new and existing stores, stable margins and consistent debt management.
• The chain has continued to achieve healthy revenue growth. Total revenue increased by 16% in 2009/10, with like-for-like revenues up 10.7%.
• With more than 2,400 staff, BrightHouse is a major employer in the local communities where its stores are located.
• Attractive and profitable growth opportunities exist, with increasing market penetration, organic expansion and maturing stores. The store expansion programme is continuing, with 30 new stores scheduled to open in the current year.
For further information please contact:
Brunswick PR: T: +44 (0) 20 7404 5959 / E: brighthouse[.]brunswickgroup.com
Kevin Byram, Craig Breheny, Michelangelo Bendandi, Charlotte Robertson
BrightHouse (brighthouse.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 2400 staff UK-wide, BrightHouse is a major 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.
Caversham Finance Limited trading as BrightHouse. Registered in England 785922.
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