LONDON (Alliance News) - LiteBulb Group Ltd Monday reported a widened pretax loss in 2014, despite sales more than doubling, as it booked costs associated with acquisitions made in the year.
LiteBulb, which develops branded products for retailers including Tesco, Argos, Homebase, B&Q, Debenhams, M&S and Sainsbury's, also announced a 1-for-50 share consolidation.
LiteBulb reported a pretax loss in the 12 months to end-2014 of GBP2 million, wider than the GBP1.6 million loss made in the 18 months to end-2013.
It booked GBP627,604 in acquisition costs in 2014, compared with GBP243,508 in the 12 months to end-2013, following its purchase of DVD, book and gifts specialist Go Entertainment in April 2014, and stationery and party products supplier Concept Merchandise in December 2014.
However, revenue more than doubled to GBP21.9 million in 2014 from GBP8.1 million in the 12 months to end-2013 and from GBP8.7 million in the 18 months to end-2013.
LiteBulb added that current trading is ahead of budget, with sales in the first four months of 2015 more than doubling to GBP5 million from GBP2 million in the first four months of 2014, and said it has had a "strong response" from retailers to the new 2015 product ranges.
"The future of the business is looking very good with further organic growth to come. Litebulb will continue its acquisition strategy when the right opportunities arise and we look forward with optimism to reporting next year's numbers when we will see the full 12 month contributions of our 2014 acquisitions," Chief Executive Simon McGivern said in a statement.
Separately, LiteBulb said it is proposing to reorganise its issued share capital by consolidating every 50 existing ordinary shares into one new ordinary share, which will result in 51.2 million shares in issue.
Shares in LiteBulb were trading down 0.1% at 0.679 pence Monday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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