Business
Interim Report
Interim Report.
About this update from Xps Pensions Group Plc
[{"type":"text","content":"\n RNS Number : 5047M eXpansys Plc 30 January 2009 \n \n\nINTERIM RESULTS\n\neXpansys plc ('eXpansys' or the 'Group'), a leading online retailer of wireless technology, announces its interim results for the six months to 31 October 2008.\n\nKey Points:\n\n\n\n\n\n\n\n\n\n\n\n\nLike for like revenue down by £1.2 million (4.5%) to £25.3 million (2007: £32.3 million included £5.8 million attributable to sale of non-core distribution business, Portix, sold in April 2008)\n\n\n\n\n\n\n\n\n\n\n\n\nEliminated bank overdraft and letter of credit facilities, totalling £3.5 million and the Group now has cash in hand\n\n\n\n\n\n\n\n\n\n\n\n\nGross profit margin increased from 22.5% to 24.2%\n\n\n\n\n\n\n\n\n\n\n\n\nLoss for the year from continuing operations reduced to £370,000 (2007: £817,000)\n\n\n\n\n\n\n\n\n\n\n\n\nCost base significantly reduced through outsourcing of UK warehousing facilities and worldwide reduction in headcount\n\n\n\n\n\n\n\n\n\n\n\n\nReduction in inventory of £2.1 million in the period under review and further £1.4 million reduction since half-year end\n\n\n\n\n\n\nRoger Butterworth, Chief Executive, said: 'We have significantly reduced our cost base, eliminated bank debt and now have cash in hand. So, although the pace of recovery in our trading performance will, inevitably, be slowed by current global market conditions, the business is now better shape to stabilise revenues and deliver improved results in the short to medium term.'\n\n\n\n\n\neXpansys plc\n\n\nTel: +44 (0) 161 232 3410\n\n\n\n\nRoger Butterworth, CEO\n\n\[email protected]\n\n\n\n\n\nInvestor relations website\n\n\nwww.expansys.com/investor.aspx\n\n\n\n\n\nCenkos Securities plc\n\n\nTel: +44 (0) 20 7397 8926\n\n\n\n\nStephen Keys\n\n\n\[email protected]\n\n\n\n\n\nRawlings Financial PR Limited\n\n\nTel: +44 (0) 1653 618 016\n\n\n\n\nCatriona Valentine\n\n\[email protected]\n\n\n\n\n\n\nAbout eXpansys\n\nThe Group specialises in the sale of handheld electronic devices with wireless connectivity and boasts a wide offering ranging from smart phones and ultra mobile personal computers, to cameras and GPS equipment. eXpansys operates some 50 websites in 12 different languages, operating in 16 currencies. \n\nBased in Manchester, eXpansys has grown both organically and through acquisition and has a global infras...