A tough UK market has caused profits at accessories retailer Mobile Fun to fall by 21.7%.
Profit before tax was £652,068 for the year to 31 March, although the retailer is predicting profits of more than £1m for its current financial year. Sales were up 10% to £10m, which it said was caused by a greater focus on international sales. Revenues from overseas hit £3.4m, up 161% on last year, as Mobile Fun launched new websites in Spain and The Netherlands. It said a highlight was hitting more than £1m in sales during a month for the first time in December 2011.
Mohammed Hussain [pictured], MD of Mobile Fun, said: 'Despite the UK economy experiencing negative growth for most of the last financial year, our continued international expansion has seen us achieve enviable progress. Not only did we start the 2011-12 financial year strongly, with a profitable presence of three of the largest countries worldwide for e-commerce, but our roll out of further European websites started to establish a strong international footprint for Mobile Fun.'
The retailer is planning to launch websites in Italy, the United States and 20 other countries by the end of 2012. It is also planning to develop new websites, such as its LoveCases brand for digital cameras. In a statement, the retailer said it was confident of capitalising on the forecast growth in the smartphone and tablet markets. It said: 'The acceleration of expansion plans will continue to drive additional incremental sales growth. Consequently, even if there is no improvment in the UK economic climate, the company anticipates significantly improved performance in the year ahead.'
Editor: Graeme Neill