TV shopping group Ideal Shopping Direct has grown sales and returned to profit after completing its turnaround plan.
Underlying profits before tax were £1.3m for the year to January 3, compared to a loss of £4m in 2008. Sales grew 9.2% to £103.3m from £94.7m the year before.
Like-for-like sales in the 10 weeks from January 3 were ahead 8.8%.
Ideal Shopping chairman Paul Wright said: “The retail environment during 2009 was challenging and in addition the new Board had many legacy issues to address. Having undertaken a strategic review and refocused the business on the fundamentals that had originally made the company successful, I am delighted that Ideal Shopping Direct has completed its turnaround plan and delivered an excellent performance in the second half of the year.
He added: “Our strategy for growth is proving successful: we are conserving our cash whilst we look for opportunities to further grow the business through organic development as well as by acquisition. I remain optimistic that we will continue to improve the performance of the company during 2010.”
This year it plans to build on the progress it has made and focus on customer service and diversity of product. It also said it wants to diversify from being a “TV centric shopping business” to a more genuine multi-channel offering with more of a push in its ecommerce operations.
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