Amid consumer gloom, Brighthouse remains strong
Brighthouse, the private equity-backed retailer, has delivered a sharp uplift in half-year profits, reinforcing the continuing demand for its rent-to-own products among cash-strapped consumers in austerity Britain.
The high street chain also continues to expand rapidly and opened 15 stores over the six months to 30 September, leaving it on track to unveil 25 this financial year, creating 300 new jobs. Brighthouse, which sells products ranging from washing machines to sofas, grew underlying profits by 21.8 per cent to £20.7m.
The profits leap was driven by new stores and a 6.7 per cent rise in like-for-like sales. The company did not divulge a pre-tax profit figure.
Leo McKee, chief executive of Brighthouse, said: "In these challenging economic conditions, our half-year results reflect continuing strong demand for our products and services. It is encouraging that both our existing and our new stores are contributing to robust growth."
The group, which is owned by Vision Capital, posted a 16.3 per cent jump in sales to £127.2m, boosted by new shops.
Mr McKee said: "We will continue to focus on extending our footprint across the UK. Our growth will continue to be underpinned by generating cash flow from operations and by a solid balance sheet."
Vision Capital acquired Brighthouse in a £170m secondary buyout from Terra Firma, the private equity firm founded by Guy Hands, in July 2007.
Brighthouse has been tipped to be in line for a potential sale over the next two years.
- 1 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 2 Perez Hilton apologises for Jennifer Lawrence naked photo leak
- 3 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 4 Mexican woman becomes world’s 'oldest person' at 127
- 5 Jennifer Lawrence 'naked sex video' will be leaked threatens 4Chan celebrity photo hacker
Perez Hilton apologises for Jennifer Lawrence naked photo leak
Ariana Grande nude photos leak: 'These are completely fake' say singer's representatives
A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Israel to appropriate 400 hectares in West Bank for ‘state use’
Kate Upton nude pictures leak: Model's representatives 'looking into' authenticity of naked images
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Do you realise just how foolish the UK looks?
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
iJobs Money & Business
£40000 - £50000 per annum + benefits+bonus+package: Harrington Starr: SQL Impl...
£85000 per annum: Harrington Starr: Head of IT (Windows, Server, VMware, SAN, ...
£40000 - £50000 per annum: Harrington Starr: You will not be expected to hav...
£500 per day: Harrington Starr: SQL DBA/Developer SQL, C#, VBA, Data Warehousi...