BrightHouse flourishes in harsh economic climate

The weekly payment retailer BrightHouse enjoyed “robust growth” in the half year to September 30, growing revenues 16.3% to £127.2m.

BrightHouse flourishes in harsh economic climate

Like-for-like sales increased 6.7% over the same period last year, while EBITDA was up 21.8% to £20.7m.

Brighthouse, whose target audience are low-income consumers, provides credit to customers, with no deposit required. Earlier this year it increased the planned number of annual new UK store openings from 21 to 30, and said it could ultimately have 650.

During the first half it opened 15 new outlets, and now has 243, with a further 10 scheduled for the remainder of the financial year. The launches will have created 300 new jobs.

CEO Leo McKee said: “In these challenging economic times, our half-year results reflect continuing strong demand for our products and services. It is encouraging that both our existing and our new stores are contributing to robust growth.”

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