Published on January 19th, 2017 | by The GC Team0
Online retailer Buy It Direct sees profit rise to £2.6 million
Online retail group Buy It Direct today reported a 44% increase in pre-tax profit for 2016, up to £2.6 million from £1.8 million in the prior year.
Revenue rose to £120.7 million from £104.1 million in 2015.
The company, which incorporates www.appliancesdirect.co.uk within its portfolio, attributed the rise in profit and net margin to the investment it has made in “putting its customers at the heart of everything it does.”
Managing director Nick Glynne (pictured) said: “In 2016 we made significant investments in key staff and systems to help drive our customer and product offering. This year is going to be even better. We are already on track to smash last year’s profits. And once we have our new warehouse online in our next financial year, we expect another burst of growth.”
The company, which also manages Debenham’s white label electrical site DebenhamsPlus.com, said it hasn’t yet experienced any fallout from Brexit but it is cautious about the year ahead.
However, Glynne added: “Despite market uncertainties, especially following the drop in sterling, we are fully committed to our 5-year strategy and will continue to make significant investment to help achieve our goal in becoming one of the UK’s most profitable online retailers of electricals and flat-pack furniture.
“We don’t want to be just another low profit e-tailer so we are focusing on key points of difference to our competitors, all of whom appear to be wedded to an inflexible revenue trading model. It is very satisfying to see all our hard work starting to pay off.”
The Buy It Direct Group has been one of the UK’s leading online retail businesses since 1999 and was one of the first companies to sell laptops online.
The group operates websites specialising in kitchen appliances, TVs, laptops, servers, flat-pack furniture and drones.