Rent-to-own retail specialist Brighthouse has seen revenue jump 17.1 per cent in its full year, it has been announced today.
For the twelve months to March 31st 2012, EBITDA rose 12.8 per cent to £266.5 million as it continues its store expansion programme.
Such strong results are especially positive considering the ongoing struggles of the furniture sector thanks to a reduction in disposable incomes which has seen big ticket item sales continue to decrease over recent months.
Brighthouse, which offers cash-strapped shoppers quality homewares items through responsible lending, has opened 25 new stores over the period, taking its total number of UK stores to 253.
As part of its growth plan, a further 35 new stores are scheduled to open in the current year, creating more than 400 new jobs in 2012/13.
Earlier today, sports apparel specialist JJB Sports reported disappointing sales below expectations despite the Euro 2012 Championships , though Brighthouse noted a surge in TV sales during the first half of the tournament.
Operating profit at the retailer was up 3.5 per cent to £34.8 million and Leo McKee, Brighthouse CEO, welcomed another year of “exceptional growth”.
“With the overall retail landscape remaining unsettled, BrightHouse’s strong performance is noteworthy,” McKee added.
“We are accelerating our new store opening programme. Thirty-five store openings are planned for 2012/13, which is a record number for BrightHouse.
“We are confident that both existing and new stores can continue to deliver solid growth and generate quality cash flow.
“BrightHouse is resilient and we remain committed to bringing value to our customers’ lives.”