EBTM swings into profit but warns over full-year results
Tuesday, January 22, 2008
Online clothes retailer EBTM turned a maiden profit in the six months to 31 October but warned that full year results were likely to fall materially short of current market expectations.
In the six months, the company posted sales up 590% to £3.59 million year-on-year, assisted by last year’s acquisition of Core Brands Ltd and the intellectual property rights to the Atticus clothing brand. Profit before amortisation, depreciation, taxation and the FRS 20 charge for share incentives was £0.33 million from a loss of £0.26 million in 2006.
David Howell, EBTM’s chairman said: “It is pleasing to be able to report a maiden operating profit at this stage. The acquisition made last year has helped to scale the business and create a vertically integrated retailer with exciting growth prospects.
“Despite our cautious view of consumer sentiment on the high street, we remain confident that we operate in a growth market and that we have established a strong platform which has exciting expansion opportunities in the UK and for future periods internationally.”
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