Member Article

LiteBulb reports losses despite 72% revenue rise

LiteBulb Group, a parent company to innovative brand ideas, has released revenue increases of 71.6% to £1.76m in its final year results.

The London-based company reported 10.6% rises in gross profit to £0.52m, however this did not outweigh an operating loss of £1.45m before tax and exceptional items.

Despite losses, LiteBulb celebrated the distribution of ila Safety products on U.S. television shopping channel QVC, and a contract win between Scootrix and Halfords.

The firm, which started as personal security business ila Safety, singles out pioneering product ideas to develop, manufacture and distribute brands to consumers.

Since acquiring scooter accessory firm, Scootrix, lunchbox business ShirtBox, and product development company Premium Factory, the firm changed its name to LiteBulb in 2011 to encompass all of its brands.

Simon McGivern, chief executive of LiteBulb, commented: “This transitional year has seen us establish strong relationships with a wider range of blue chip retailers and an increasing network of international distributors, which combined with our increasing portfolio of innovative products and an active acquisition strategy, gives us confidence that we will deliver further significant growth in 2013 and beyond.”

LiteBulb also announced a deal with Toy R Us to launch two new brands, Cartoon Stripz and Moshi Monsters, while the company also took out a £750,000 loan agreement to fund growth in the future.

This was posted in Bdaily's Members' News section by Miranda Dobson .