StockMarketWire.com - Expansys reports profit before tax of £0.8m for the first half compared to a loss of £39k for the first half of 2010.

The online retailer of wireless and consumer technology has announced its interim results for the six months ended 31 October 2011 showing turnover increased 42% to £46.6m (H1 2010: £32.7m).

This includes six months of DSNS and PJ Media, compared to three months in H1 2010

Adjusted profit before tax increased 13% to £1.6m (H1 2010: £1.4m)

The cash position is down to£4.0m (31 October 2010: £5.5m) - the reduction due to investment in growth areas of Asia and the US

Turnover of the retail business increased 28% to £34.5m (H1 2010: £26.9m)with a growth in turnover from websites (EXPANSYS.COM) of 64%

Growth in the retail businesses in Asia and the US of 122% and 95% respectively compared to H1 2010. Growth in Europe retail business was 19%

UK retail business remains a challenge and experienced a negative performance in terms of revenue and profits in this half

DSNS has improved core profitability through a more focused approach to suppliers and customers

PJ Media has been successful in new business development and has a strengthened pipe-line for H2

Bob Wigley, Chairman of EXPANSYS, commented: "We are encouraged by the improvements across the Group in the first half and are seeing the strategic benefits of the 2010 acquisitions flowing through. We are focused on building on this momentum through the second half of the year which includes the retail division's important Christmas period."






At 8:05am: [LON:XPS] share price was -0.1p at 1.53p



Story provided by StockMarketWire.com