A double-digit UK sales increase was the key to Buy IT Direct posting a decent revenue rise in FY11, while the online VAR's operating profit and margins more than doubled.
For the 12 months to 31 March 2011, the reseller, whose trading brands include Laptops Direct and Servers Direct, saw turnover grow 3.2 per cent annually to £76.3m. UK revenue grew by almost £7m to £71.8m. However, sales outside this country were more or less cut in half to £4.5m.
FY11 operating profit at the Huddersfield-based outfit grew 115 per cent year on year to more than £1.1m. This equates to a rise in operational margins from 0.7 per cent to 1.5 per cent. Net current assets also rose over the course of the year from £2.3m to more than £2.6m.
Staff numbers were on the up last year, with average monthly employee numbers growing from 110 to 139. The sales division enjoyed the biggest expansion, with ranks swelling from 44 to 63.
The directors' report for the year stated that, 18 months ago, Buy IT Direct paid £160,000 to acquire a 50 per cent stake in mail order specialist Be Retail Ltd.
"Given the continuing tough economic climate in general over the past 12 months and the market sector in which the business operates, the directors are satisfied with the performance of the business [in FY11]," added the report. "The company continues to look for new business opportunities in both its core market and affiliated sectors."
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