Buy4Now expects surge in profits

BUY4NOW, the Dublin-based online grocery and shopping portal site, is forecasting net profits of between €800,000 and €1 million for its current financial year, following strong growth in the year to the end of March.

The company yesterday reported a 47% increase in turnover to €5.08 million for the last 12 months. The period also saw a 58% rise in visitor numbers to its website and a 288% surge in net profit to €602,635 up from €155,399 in the previous year.

There was growth both in the domestic market and in the US, where the company has recently established an online sales information website called eGroceryUSA.com.

While the company operates the buy4now.ie shopping portal here where one can shop in the likes of Superquinn, Elvery's, Arnotts and Atlantic Homecare from the same site its US operations work differently.

There, the company operates what it calls an e-tail solutions business. This basically means it acts as a consultant to retailers and helps them via their own individual websites maximise their online selling power.

It has three retail partners in the US the Boston-based Roche Brothers and the New York companies The Food Emporium and Waldbaums, both owned by the A&P Group and is hoping to establish at least a further two partnerships this year.

After concentrating mainly on creating a foothold in the US over the last year, the company is now expected to focus more on growing the core portal business here. It has also been progressing its e-tailing consultancy business here through contracts with the likes of RTE and VHI.

According to Buy4Now founder and chief executive, Ali Murdoch: "Our focus for the upcoming year is to grow the e-tail solutions business at home and in the US, while continuing to provide the Irish shopping public with a single central location for their online shopping needs.