EXPANSYS warns on profits amid tough UK trading

Online Smartphone retailer EXPANSYS expects to report a smaller pre-tax profit than previously anticipated for the year to 30 April amid tough trading in Britain.It expects pre-tax profits for the period to come in at £3.4m, compared to a loss of £200,000 the previous year."On a like for like basis, EXPANSYS retail revenues are expected to show growth of circa 30% over the previous year with all regions reporting sales growth for the 12 month period, led by significant growth in Asia and the US," the company said. "As noted in the group's statement in January this year, the UK consumer environment has been challenging; these trading conditions continue and the resulting competitive retail environment in which the group is operating places margins under pressure."EXPANSYS says the trading environment remains tough, especially in Britain and Europe and added that it investing in the US and Asia is currently a priority. "While the consumer environment in our key markets remains challenging and competition intense, EXPANSYS is focussed on growing core profitability while laying the foundations for the significant growth opportunities its diverse business models and global coverage present," said chief executive Anthony Catterson.---RG