LBB.L Share News (LBB)

Consumer goods developer Litebulb Group has acquired a smaller competitor and unveiled final results in line with forecasts. The group made revenues of £8.1m in calendar 2013, during which it was transformed by three acquisitions of Bluw, Rizon and Meld, and lost £0.9m before tax. Chief Executive Simon McGivern said: "This last 12 months has seen exciting progress in terms of dramatic growth of the group. Three years ago our business was turning over less than £1.8m in revenues, whereas in the last year we have built revenues to over £8m." Litebulb, which changed its accounting period from a June to a December year end, on Wednesday proposed the purchase of Go Entertainment for £0.5m in cash and 182m shares. Go, which designs, develops and manufactures consumer products focusing on DVDs, books, magazines and other gift products, made turnover of £9m and earnings before tax of £0.58m in the year to March 2013.McGivern added: "LiteBulb's relationships with blue chip retailers strengthen as we grow, and with an extensive forward order book we are confident that we will deliver further significant growth in 2014 and move into profitability."Shares in Litebulb were down 1.5% to 0.98p at 11:55 on Wednesday.OH