RENT-TO-OWN retailer Brighthouse is targeting future growth after it reported a successful year’s trading.
It shrugged off the downturn to grow its revenues 17% to £170.6m in the year to March 31. Its customer base grew at the same rate and reached 146,000.
Brighthouse’s ebitda – earnings before interest, tax, depreciation and amortisation, a measure of the company’s profitability – increased more than £5m to £29.4m.
The retailer, which has 14 stores across Merseyside and Cheshire, opened 21 outlets during the financial year. It now has 177 stores in the UK, only 15 years after it opened its first shop in Birmingham.
Leo McKee, chief executive of Brighthouse, was pleased with the company’s performance during a tricky year for retailers.
“BrightHouse has delivered improved revenue, profit and customer numbers, despite the difficult economic environment facing the retail and financial services sectors in the UK,” he said.
“This performance reflects the fact that our customers, colleagues and suppliers clearly understand and appreciate our proposition.
“We are a responsible lender, serving families in some of the most socially deprived areas of Britain.
“These are our customers, we understand their needs and they value the convenience of making weekly payments and the personal relationship they develop with their store manager.”
He believes Brighthouse will trade strongly throughout 2009 as it targets further growth. The company has identified 250 locations which it believes are suitable for its brand’s position in the market..
Mr McKee added: “There continues to be great demand for this proposition and the company’s growth prospects are solid. Current trading is in line with management expectations and the company is well placed for further growth.”
BrightHouse provides branded household goods to customers on weekly payments without requiring a deposit.
It offers typical agreements of up to 156 weeks with an APR of 29.9%, which the firm says “is comparable with those offered by mainstream UK retailers”.
