Buy4Now.com posts modest profit

Buy4now.com, the online retailer, has posted a modest interim profit compared with a near €310,000 interim loss last year.

The company's net profit for the six months to September 30th was €14,843, driven by a 74 per cent increase in turnover to €6.84 million, compared with €3.93 million previously.

The result was achieved despite €650,000 having been invested in software development during the period under review.

Buy4Now chief executive Mr Ali Murdoch said the third quarter of its financial year, which includes the busy Christmas period, "will have a significant impact on the company's bottom line at the financial year end".

"With solid half-year results on the back of better-than-expected full-year results in March 2002, we look forward with renewed confidence for the remainder of our financial year," he said.

Projected online turnover is set to exceed €5.5 million between October and December 2002, compared with €3.7 million in the same period last year.

Turnover for the full 2002-2003 financial year is expected to reach €15 million.

Traffic on the company's website has increased by 100 per cent compared with the first six months of its 2001-2002 fiscal year.

The site now gets 220,000 visits per month compared with 93,000 per month a year ago.

The group has 62,000 registered users compared with 30,832 12 months ago; it employs 44 people compared with 18 previously and offers two million products for sale compared with 1.5 million last year.

The company is forecasting a 50 per cent increase in the number of deliveries made over Christmas to 3,000 per week, up from 1,500 last year.