StockMarketWire.com - Online wireless technology retailer eXpansys made an operating loss for the year to April of £3.2m, up from the previous loss of £1.2m. Like-for-like revenue fell by £9m to £47.1m.

CEO Roger Butterworth said, 'The reduction in our sales was exacerbated by manufacturers withholding new product releases - our lifeblood - for better times.

'New products such as the Nokia N97, HTC Hero and Apple i-Phone 3GS are now beginning to come to market and I am pleased to report that eXpansys has benefited from these.

'Whilst we remain cautious, I am now more hopeful for the future of the business than I have been for some time and I believe the prospects of the group in FY 2010 are very good indeed.'

Exceptionals of £684,000 related to redundancies and reorganisation costs and £734,000 to bad debt write-offs, netted against a release of warranty provision of £286,000.

Non-exceptional administration costs for the full year were reduced by 10.0% to £8.9 million following restructuring.

Disposal of the non-core UK distribution business in April resulted in a profit on disposal of £187,000, with an immediate cash consideration of £760,000 and £400,000 deferred consideration payable, dependent on two trading contracts being awarded to the acquiror. However, £300,000 of the deferred consideration did not become payable, leading to a write off in the current year.

Interest charges on bank loans and overdrafts fell by £224,000 to £235,000 following repayment of the UK banking facilities during the year.







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