27 Jan 2015 07:01
LiteBulb Group Limited
("LiteBulb", or the "Company")
Update on acquisitions and trading
LiteBulb (AIM: LBB), the branded product developer, provides the following update for the year ended 31 December 2014, a year that has delivered transformational growth and has set the platform for a successful 2015.
The Company expects revenues in the region of £22 million for the year to 31 December 2014, up 172% over the prior year (2013: £8.1 million). This represents a considerable achievement and highlights the progress made in the second half of the year after reporting revenues of £4.0 million for the six months to 30 June 2014. As a result, the Company anticipates reporting positive EBITDA of over £2m in the second half against a first half EBITDA loss.
The year under review has been one of significant progress for LiteBulb, including the successful acquisition and integration of two complementary companies in the form of Go Entertainment and Concept Merchandise Limited, both of which have expanded the Company's product sets and strengthened its client relationships. The enlarged group is now well placed to build upon this platform both organically and through further accretive acquisitions. A number of opportunities have been identified and are being considered.
Following sales growth in the US, Litebulb has opened its first office in the US. The establishment of this office will open up the larger US market to the Company and the Directors believe this market has the potential to deliver considerable growth.
The Directors are confident that the Company will continue to grow organically during 2015 and has a platform that will deliver profitable growth and cash generation. The signs from early trading in 2015 are that the Company's retail markets continue to improve and the Directors believe that LiteBulb is well positioned to benefit from this upturn.
Simon McGivern, CEO of LiteBulb, commented: "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. The acquisition strategy remains our key focus and we are therefore confident of further significant growth going forward."
For further information, please contact:
LiteBulb Group Limited | www.litebulbgroup.com |
Simon McGivern, Chief Executive | Tel: 020 3384 7131 |
Guy Pettigrew, Group Finance Director |
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finnCap (NOMAD & Joint Broker) | Tel: 020 7220 0500 |
Stuart Andrews/Scott Mathieson (Corporate Finance) |
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Joanna Weaving (Corporate Broking) |
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Walbrook PR Limited | Tel: 020 7933 8780 or litebulb@walbrookpr.com |
Bob Huxford | Mob: 07747 635 908 |
Paul McManus | Mob: 07980 541 893 |
About LiteBulb Group (www.litebulbgroup.com)
LiteBulb Group designs, manufactures and distributes innovative brands and products to the global retail market.
LiteBulb Products - our wide range of products are sold in over 30 countries through blue chip retailers including: ASDA, BHS, Tesco, Sainsbury's, WH Smith, Halfords, Marks & Spencer, Morrisons, QVC, Next, Fenwick and Toys R Us.
LiteBulb Creative is a creative agency with global reach, delivering compelling and agile brand extension programmes to the entertainment industry. LiteBulb Creative has designed products and campaigns for clients around the world, including Disney, Hasbro and Miramax.