TV channel Ideal Shopping turns in profit

TV shopping company Ideal Shopping Direct has made a full-year profit, aided by higher revenue at its home and leisure category, and said today that sales this year were ahead of 2009.

However, the company said it was not recommending a final dividend.

"We are preserving our cash to finance further growth of the business through organic development as well as through acquisitions," Ideal Shopping said.

Sales for the first 10 weeks of the new financial year were 17.5% more than the same period last year, with like-for-like sales up 8.8%, the company said.

For the year to 3 January, the company posted an adjusted pre-tax profit of £1.3 million, compared with a loss of £4 million last year.

Revenue grew 9.2% to £103.3 million, while home and leisure sales were up 27.5% at £48.4 million.