Watford’s BrightHouse records year of continued growth (From Watford Observer)

Watford’s BrightHouse records year of continued growth

9:20am Tuesday 20th July 2010 in

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Latest trading figures show that Watford based BrightHouse, the rent-to-own retailer, has increased its operating profit to almost £25 million and increased its customer base by 20 per cent in the 12 months to March 31.

Other highlights from the annual report are a rise in revenue from £170.6m to £197.3m; 40 per cent of new customers are referrals from existing customers; 21 new stores opened during the year, taking the total to 198; and the 200th BrightHouse store opened in Bedford in June.

Chief Executive Leo McKee said: “Shoppers are cautious in the current economic climate but BrightHouse has again delivered improved revenue, profit and customer numbers.

”The company has grown from 141 stores in 2006, to 204 today. It opened 21 stores in the financial year ending March 31, and plans to open a further 30 stores during the current financial year, taking the total to 228.

”We will continue to expand by serving our core market – low income families. The alternative credit market in the UK comprises some 5.2 million households, giving us the potential to expand the chain over time to as many as 650 stores.

“We are a responsible lender, serving families in some of the most socially deprived areas of Britain. We understand their needs and they value the convenience of making weekly payments and the personal relationship they develop with their store manager.

”There continues to be great demand for this proposition and the company’s growth prospects are good. Current trading is in line with management expectations and the company anticipates delivering further profitable growth.”