Buy4Now's net profit up 33%

A sharp increase in revenues from the United States helped online retailer Buy4Now to boost net profit by 33 per cent to €800,429 in the 12 months to the end of March.

Buy4Now, which also operates an online shopping centre for Irish retailers, said its group revenues rose by 33 per cent to €6.8 million. Sales from the US rose by €1 million to €2.5 million last year. The United States now accounts for 38 per cent of Buy4Now's group turnover, up from 29 per cent a year earlier.

Ali Murdoch, Buy4Now's chief executive and its biggest shareholder, said the online group was budgeting for a 15 per cent rise in revenues this year and a net profit of close to €1 million.

He said the company was also looking at possible acquisitions in Europe, costing up to €5 million. "There are one or two deals that we're looking at," he said.

Buy4Now said its general merchandise sales with Irish retailers through the buy4now.ie website rose by 25 per cent last year. Its online grocery revenues on behalf of Superquinn increased by 20 per cent. Three general retailers were added to its online shopping centre last year - Heatons, Rock Interiors and Birchalls Gift Store.

Mr Murdoch said the Irish shopping website would be revamped this year and other retailers would be added.

The website currently has 170,000 users and 4,000 are joining each month.

In the US, the company said its five "e-grocery partners" expected to transact $100 million in online sales in 2007. "We're currently only doing grocery in the US but we're hoping this year to go into general merchandising as well," Mr Murdoch said.

Buy4Now's shareholders include Eircom and Superquinn.