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eXpansys

  • BY: Andrew Hore |
  • POSTED: 29/01/2010 |

Former Carphone Warehouse retail stores managing director Anthony Catterson is the new chief executive of electronic goods retailer eXpansys.

Roger Butterworth stepped down as chief executive yesterday when eXpansys, where Dragons Den member Peter Jones has a majority stake, reported its interim figures.

Jones has increased his stake from 70.25% to 75.02%. This follows a share disposal by Roger Butterworth. The increase in Jones’ stake is exactly the same as Butterworth’s shareholding.

At 12.25p a share, up 2.25p on the day, eXpansys is valued at £17.8m. The bid/offer spread is 11.75p/12.5p. The share price was less than 9p one week ago. If Butterworth had sold for, say, 8p a share then he would have generated £680,000 from the disposal. He may have had to settle for less given the size of the shareholding.

The interim figures showed a sharply reduced loss from £1.09m to £24,000 in the six months to October 2009, even though revenues declined from £25.3m to £20.4m. However, if exceptional items are excluded the underlying loss fell from £199,000 to £176,000. Increased working capital led to a £1.43m cash outflow from operations.

Net cash was £192,000 at the end of October 2009.

The company is cautious about the market but believes that its lower cost base will make it easier to take advantage of opportunities.

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