30th Sep 2013 13:02
LONDON (Alliance News) - Litebulb Group Limited Monday reported higher revenues in the first half of the year, boosted by a number of acquisitions and a strong growing pipeline, but also widened losses as a result of completing investments during the period.
The company, which designs, manufactures and distributes brands and products to the global retail market, said that it is confident in meeting full-year forecasts. It said that during the first half of the year, its broadened its product portfolio significantly, with the acquisition and integration of global manufacturer Bluwstuff Limited, and brand extension agency, Rizon Studios, which it said are both trading ahead of expectations.
Litebulb reported revenues of GBP1.4 million from continuing operations in the first half of the year, five times more than the GBP0.28 million in revenues it saw a year earlier, buoyed by recent acquisitions and significant orders from its clients, HMV and QVC during the period. It said that this doubled its gross profits to GBP0.6 million in the first half, and boosted its gross profit margin to 43%, from 11% a year earlier.
The group said that its loss from continuing operations widened to GBP1.0 million, from GBP806,978 a year earlier, as a result of investments in new businesses, staff and infrastructure, as well as the closure of its Premium Factory operations.
It said that during the period it raised GBP1.1 million in expansion capital, through secured convertible loan notes, and since the start of the second half, has raised another GBP0.83 million after expenses, from both new and existing shareholders, to fund organic growth and meet working capital requirements following its recent acquisitions.
Litebulb shares were trading 4% higher Friday afternoon, at 0.910 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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