BrightHouse reports 16% jump in annual revenues & underlying pre-tax profits

British rent-to-own retailer BrightHouse reported an increase of 16 per cent in both, annual revenues and underlying pre-tax profits, for the period of one year ended March 31, 2010.

Underlying pre-tax profits jumped from £29.4 million in the previous year to settle at £34.1 million in the year to the end of March 2010, while overall revenues jumped from £170 million to £197.3 million.

Like-for-like turnover grew 10.7 per cent, boosted by 21 new stores it opened during the one-year period to take the total to 198. Customer base also grew 20 per cent to around 175,000.

However, operating profit jumped slightly from £23.9 million to settle at £24.8 million as increased VAT charge hit it hard.

BrightHouse’s chief executive Leo McKee announced that the retailer would expand further by opening as many as 24 new stores in the next 12 months as the outlook for the retailer is bright.

Commenting on the topic, McKee said, "Current trading is in line with management expectations and the company anticipates delivering further profitable growth."

BrightHouse, which sells household goods for cash and payments through weekly installments, is owned by private equity firm Vision Capital.