Sales over the period rose sharply as the group expanded its target base and were up 33% to €14.75m.
Development eroded the operating figure, however, and the group was hit with development costs of €150,000, of which €100,000 was earmarked for international sales and marketing and €50,000 went on the upgrading of technology. Buy4Now’s board said it was confident of announcing a major international partner in the coming months.
Buy4Now’s anchor store, Superquin, achieved turnover of €12.5m, 40% ahead of the previous year, while Gresham and Ryan Hotels has also performed well since its launch on the site before Christmas.
The company expects turnover to top €18m in the current year.
Chairman Vincent O’Doherty said the group recognised that the core to its success will be the continued development of the Irish market.
For that reason, management will devote much of its time and resources to the development of growth in this vital area.
Byy4Now is looking forward to the day when it is in a position to announce a number of new Irish retail partners in the short-term.
It is hoped that these will include such important retail areas such as toys, electrical goods and entertainment products that will broaden the appeal of the site as it goes forward.
These additional sites will be supported by a considerable investment in the Buy4Now Giftstore, he said. As well as that, the company is planning further enhancements to the sites of the company’s key partners Superquin, Arnotts, Atlantic Homecare, Gresham Hotels and Easons.
The introduction of broadband should help all of the online trading companies, and Buy4Now is well positioned to capitalise on the online sales opportunities it brings with it. Current trading remains positive and in line with expectations.
With online turnover projected to exceed €18m in the current financial year, the company looks forward to another successful year, with additional retailers and product offerings joining the Buy4Now Centre.