MBL turnover climbs to £6.7m and losses are down

MBL Group, the AIM-listed entertainment and gardening products supplier based in Lancashire has cut its losses and boosted revenue by 14% to £6.7m.

For the six months to September 30 losses before tax were £400,000, compared to £510,000 for the same period in 2014 after discontinuing its Garden Centre Online Ltd operation.

Group loss per share improved to 0.2p (2014: loss 3p) and the Preston company has net £1.8m net cash (2014: £1.7m) and it remains debt free. No dividend is proposed.

Its biggest area of success proved to be its Garden and Home division where sales during the period increased by 49% to £2.7m (2014: £1.8m).

Underlying sales increased by 32% to £2.4m driven by the performance of garden bird products. The UK market for bird food remains highly competitive and the sales performance has been delivered through in-house expertise in online marketing.

Chairman Tony Johnson said: “I am pleased to report a 14% growth in sales, driven by a good performance in both the Home Entertainment and Garden and Home divisions.”