Crewe based mobile phone distributor 20:20 Mobile has experienced a significant growth in sales of 16 % equivalent to £991.6m.
The 20:20 mobile market, which was previously concentrated in the UK, Ireland, Sweden, Norway and France, has now been expanded to the rest of Europe including Germany, Netherlands, Belgium, Italy, Portugal, and the Czech Republic. The company is expected to further improve its financial position substantially by this move.
However, there has been a fall in pre-tax profits from £219.9m in 2008 to £195,000 in 2009. However, the previous years figure was inflated due to it including certain transactions related to the year 2007-2008.
Operating profit for the company, excluding exceptional items, has gone up to £16.6m in 2009 from £15.5m the previous year.
Company secretary Nicholas Smith has said, “As part of the ongoing restructuring of the business that has followed its separation from Phones4U in 2006, exceptional costs of £5.3m have been incurred relating to restructuring costs.”
The company says that increased competition in the mobile phone market, coupled with increase in demand for smartphones has reduced the gross profit margin of the company in the last financial year.
The company has now started working on integrating its old 20:20 Logistics, Dextra Solutions and Caudwell Logistics unit.
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