- Wireless technology retailer, eXpansys has reported a reduced pre-tax loss from continuing operations of £2.7m for the year to 30 April 2010( 2009 loss £3.8m).

Significant exceptional costs included within this figure amounted to £2.5m.

The decline in revenues experienced by the Group in recent years was reversed with revenue for the year as whole up 8% at £50.7m. In the second half revenue was 39% higher at £30.4m.

The Group says it has agreed to acquire DSNS and PJ Media. DSNS is a privately owned, profitable, UK based company focused on the distribution of mobile phone SIM cards. PJ Media is a profitable, UK based company, providing e-commerce and web publishing solutions to a variety of international customers.

Total consideration for both acquisitions is £38m to be satisfied by a cash payment of £13.4m and by the issue of 442,364,707 shares together with an obligation to pay approximately £10.8m debt.

The Board is proposing to raise £30m by placing 535.7m shares at 5.6p each.

Story provided by