Feeds

Dragons' Den badboy's Expansys burns sales, profits up in smoke

Peter Jones' tech bazaar tells of wobbly six months

Website security in corporate America

Marlow-based online smartmobe dealer Expansys - owned by Dragons' Den moneybags Peter Jones - issued a profit warning this morning citing weaker-than-expected trading conditions.

The AIM-listed wireless tech web retailer, which also distributes SIM cards for mobe networks and operates ecommerce and other software projects on behalf of mobile operators, slipped out a brief statement for shareholders ahead of its year-end financial report due on 30 April.

"Trading to date in the second half of the financial year has been below our expectations with the result that we expect profit for the current year to be substantially below market estimates," the company admitted.

The business briefly returned to profit in fiscal 2012 - it made a profit before tax of £800,000 - but things took a turn for the worse this fiscal year, leading to a £2.3m loss at the halfway point.

This was largely due to one-off charges of £2.3m to pay for substantial restructuring in its European retail business as Expansys tried to offset a £1m year-on-year fall in sales for H1.

In today's statement, Expansys said it had "completed the cost savings forecast in the retail business and will enter the next financial year with a lower cost base". The mobile devices and networks flogger said this gives it an "appropriate structure to support growth".

However, the firm said that a wider review is now taking place "in order to accelerate [its] objective of becoming an end-to-end solutions provider to Mobile Network Operators, Mobile Virtual Network Operators and OEMs".

"This is not currently envisaged to involve a sale of the company," Expansys added.

Jones is a non-exec deputy chairman at Expansys and a majority shareholder with 41.63 per cent. ®

Reducing the cost and complexity of web vulnerability management

More from The Register

next story
Hey, Scots. Microsoft's Bing thinks you'll vote NO to independence
World's top Google-finding website calls it for the UK
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Israeli spies rebel over mass-snooping on innocent Palestinians
'Disciplinary treatment will be sharp and clear' vow spy-chiefs
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
OECD lashes out at tax avoiding globocorps' location-flipping antics
You hear that, Amazon, Google, Microsoft et al?
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.