LONDON (Alliance News) - LiteBulb Group Ltd expects its earnings to turn positive in the second half on the back of a jump in revenue in 2014.
The branded product developer said its expects its earnings before interest, taxation, depreciation and amortisation for the second half to the end of December to have turned positive. It expects to report EBITDA of more than GBP2 million in the half, against a GBP2.6 million loss in the first half.
The company expects its revenue for the year to December 31 to jump to GBP22 million from GBP8.1 million, on the back of the acquisitions of Go Entertainment and Concept Merchandise Ltd during the year.
The group has opened its first US office, following growth in sales in the market over the year, and expects its growth to continue in 2015, with the first months of trading this year showing further signs of improvement in its markets.
"2014 has been another transformational year for LiteBulb, and we are delighted with the progress we have made with our acquisitions and the strong revenue growth we have delivered. As our scale increases and product lines expand and improve we are gaining ever greater traction with retailers and this has been reflected in our accelerated sales growth during the second half of the year," said LiteBulb Chief Executive Officer Simon McGivern.
Shares in LiteBulb were down 2.2% to 0.880 pence on Tuesday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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