2009-11-09 12:02:24 - Rent-to-own business model continues to deliver excellent financial performance. Strong Christmas trading period expected for BrightHouse

BrightHouse www.brighthousegroup.co.uk, the UK’s leading rent-to-own retailer today announces interim results for the six months to 30 September 2009.

Highlights

 Revenue up 15.6% to £94.6m (H1 2008: £81.8m).

 9.9% like-for-like revenue growth.

 EBITDA up 23.7% to £14.6m (H1 2008: £11.8m).

 Customer base grew to 156,000 (up 14.7% on H1 2008).

 11 new BrightHouse stores opened in the six month period, taking the portfolio to 188 stores. On track to open a total of 20 stores during the 2009/10 financial year.

 Sales have been robust across most product lines, particularly Furniture and Domestic Appliances. Most in-demand items for Christmas are expected to include: laptops, gaming consoles and flat screen TVs.

Leo McKee,

BrightHouse, Chief Executive, said:
“BrightHouse has delivered improved revenue, profit and customer numbers in what remains a difficult economic environment. We have been working closely with our key suppliers to sustain high quality product ranges. We are particularly encouraged by the strong performance of our Domestic Appliance and Furniture categories over the six month period.”
“Our store opening programme remains on track. We have the foundations in place for Christmas and we look forward to successful trading during this key period. Current performance is in line with management expectations and the company is well placed for further growth.”

Summary
 BrightHouse provides quality branded household goods to customers on affordable weekly payments, employing 2,200 people in the local communities where its stores are located.
 Trading performance for the six months to 30 September 2009 has shown continued revenue growth from new and existing stores.
 Total revenue in the period increased by 15.6%, with like-for-like revenue up 9.9%.
 40% of new customers are referrals from existing customers.
 Independent research indicates a 96% customer satisfaction rate.
 Attractive and profitable growth opportunities exist, with increasing market penetration, organic expansion and maturing stores. The store expansion programme is continuing in the second half.
 The company’s recycling plan means that the company processed over 210 tonnes of mixed waste during the period. An initial £120,000 investment is now saving the Company around £250,000 per year.
 Through its community involvement programme BrightHouse supports The Rays of Sunshine children’s charity, Sports Aid and Retail Trust.

For further information please contact:
Brunswick PR: +44 (0) 20 7404 5959
brighthouse@brunswickgroup.com
Kevin Byram, Craig Breheny, Michelangelo Bendandi

Notes to editors
BrightHouse: www.brighthousegroup.co.uk is a national retail chain specialising in the sale of home electronic, domestic appliances, household furniture and related products, on a ‘rent-to-own’ affordable weekly payment basis. BrightHouse provides customers access to a choice of products, operating without the normal requirement of large deposits and credit ratings. With 2200 staff UK-wide, BrightHouse is a major employer in the local communities where its 189 stores are located.

BrightHouse is proud to support The Rays of Sunshine children's charity, which exists to grant the wishes for children who are seriously ill or suffering from life threatening illnesses, between the ages of 3-18.

BrightHouse is ranked 219th in the 2009 Sunday Times mid-market top track 250 companies.

Caversham Finance Limited trading as BrightHouse. Registered in England 785922.