High Street Value Retailer Reports Record Year End
Performance highlights - Group retail sales of £73.6 million, Like for Like Group retail sales growth of 16.4%
18/03/2010
Further performance highlights;
• Group gross profits of £30.1 million
• Like for Like Group gross profits growth of 9.5%
• 27 new stores opened
Value for money high street retailer, Cash Generator, has reported record year end results with both sales and profits at the 115-strong retail chain soaring during 2009.
A record year for the retailer on many levels, Cash Generator is the retail success story of the last 18 months and continues to buck the market trend.
For the period 1 February 2009 to 31 January 2010, Cash Generator has reported strong growth across all key income streams contributing to a like for like increase in gross profits of 9.5%. Overall gross profits rose by 26.5% to £30.1 million.
Total group retail sales rose by 34.7% to £73.6 million with the buying of pre-owned items from the public up by 44.2%. The many financial services offered also contributed to the company’s performance during 2009, with cheque cashing increasing by 4.9%.
With a rapid acceleration in new store openings, Cash Generator is fast becoming a strong retail presence on the UK high street. 27 new stores were opened during 2009, more than double the previous record of 13 stores in a single year, and a new Express concept was launched and rolled out in a number of locations following a successful trial.
The company’s new retail website has received almost half a million unique visits since it was launched in November 2009. Significant growth in revenue from the website is expected from both retail sales and financial services, which are due to launch in the near future.
Managing director at Cash Generator, Julian Urry, commented: “2009 has been a year to break all Cash Generator records and the financial results speak for themselves. Exceptionally strong growth across all areas of the business combined with unprecedented franchise enquiries and record store openings have contributed to our continued expansion across the UK. It is our aim to open a further 20+ new stores during 2010 reaching a group total of 135+, and continue to grow our various revenue and income streams. We have already opened 4 stores in 2010”
Not content with taking the UK by storm, Cash Generator will expand into Europe for the first time this year and is already negotiating a master franchise in the Republic of Ireland, where Cash Generator will open a total of 15 stores.
The company also has an opening for a master franchise opportunity in Holland, with Spain, Germany, Poland and Greece to follow, ensuring Cash Generator becomes a major international player in five years.
Established in 1994, Cash Generator is the UK’s leading buy, sell and loan store offering a top quality selection of pre-owned and brand new items for sale as well as instant cash for goods and a range of highly competitive financial services including Foreign Exchange Currency.