StockMarketWire.com - High-tech retailer Expansys plc returned to profit on an adjusted basis in the six months to October 31.

Revenue rose 61% to £32.7m from £20.4m as a result of like-for-like sales up 31% and the impact of acquisitions.

EBITDA increased to £1.8m from £0.3m.

Adjusted profit before tax was £1.4m against a 2009 loss of £0.2m.

Reported loss before tax was £0.04m versus £0.02m.

Cash at the period end was of £5.5m, against £0.5m a year previously.

The company acquired Data Select Network Solutions and PJ Media in July, which it said delivered enhanced profitability and strong cash generation.

Expansys retail sales were up 31% like-for-like and Smartphone sales up 32%.

A placing of £30m had expanded the institutional investor base, with £24.4m used to fund the acquisitions and pay back acquired net debt.

Chairman Bob Wigley said, 'The businesses we acquired in July are now fully integrated and have performed in line with our initial forecasts and the online retail business is delivering improving results in a challenging global market.'

The company said it would continue to look at acquisition opportunities.

Shares were up 0.13p at 6.38p.






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