TV shopping profit
March 25, 2010
Ideal Shopping Direct, the home shopping channel owner, has swung back to profit. The company announced a pre-tax profit of £1.1 million (E1.22m) for the full year compared with a loss of £13.2 million in 2009.
The company said it wanted to make an acquisition during the first six months of this year and is looking at niche home delivery businesses similar to Lead the Good Life, the mail order gardening company it bought in January.
Mike Hancox, chief executive, said: “We think it's important to conserve our cash as we do believe there will be an opportunity for acquisition in the course of the year. We've worked hard to make business cash generative â€“ and we want to be flexible so we can move quickly.”
Sales were up 9.2 per cent to £103.3 million including a rise in home and leisure sales, which now contribute almost half of the revenue, of 27.5 per cent.