LONDON (Alliance News) - Branded product developer Litebulb Group Ltd on Wednesday said its pretax loss widened in the first half due to higher administrative expenses, though revenue for the group nearly doubled in the period.
Litebulb, whose products carry brands from the likes of Disney, Hasbro and Miramax, said its pretax loss for the six months to the end of June was GBP2.9 million, compared to a GBP2.7 million loss a year earlier, due to the group booking higher administrative costs in the half which offset a rise in revenue.
Revenue rose to GBP7.9 million in the half from GBP4.0 million in the year-earlier half, and Litebulb said its confirmed order pipeline for the full year is at GBP19.4 million, equating to around 80% of its targeted revenue for the full year. The group said it saw robust organic growth in the half, including excellent sales through Tesco and Underground Toys in the half.
It said trading has remained in line with its expectations so far in the second half.
"As set out in our announcement in July the company has established a solid platform and excellent relationships with a number of retailers. The group's focus is now on organic growth and economies of scale and I look forward to reporting a satisfactory outcome to the year," said Howard Partington, Litebulb's interim chief executive.
Shares in Litebulb were flat at 17.499 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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