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EXPANSYS

  • BY: Andrew Hore |
  • POSTED: 08/01/2014 |

Online wireless technology retailer EXPANSYS has made a £2.18m provision for bad debts in the six months to October 2013. 

The bad debt relates to a partner of the US SIM business. This part of the business has gained a three year contract with T-Mobile for pre-paid top-up provision.

Revenues increased from £45.6m to £60.2m, while the loss increased from £2.15m to £2.42m. Stripping out the bad debt provision, foreign exchange movements and share-based expenses EXPANSYS made a small profit which was slightly lower than the underlying profit in the first half of the previous year.

Reduced costs helped the European retail operation returned to profit and the US also made a positive contribution.

Net cash was £7.63m at the end of October 2013.

At 0.56p a share, EXPANSYS is valued at £6.51m.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFDecember2013_51.pdf

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