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EBTM posts full year loss

Fashion etailer EBTM posted a full-year pre-tax loss of £0.66 million against a loss of £0.39m last year but said it was optimistic that a string of acquisitions and new orders had strengthened its market position.

EBTM, which specialises in selling spin-off band merchandise such as T-shirts, said turnover rose to £1.35m for the year to April 30 compared to sales of £158,000 last year.

The company was also boosted by an increase of 275% year-on-year in sales in the six-week run-up to Christmas 2006. However the etailer said its continued expenditure on marketing and further investment in people and infrastructure had contributed to the loss.

In May this year EBTM acquired Core Brands whose main trading subsidiary is Lowlife Corporation, a wholesaler and online retailer of music inspired clothing and accessories. In July 2007, the intellectual property rights related to the Atticus clothing brand were also acquired.

In addition, EBTM has signed licenses for the Adeline Street Clothing and Clandestine Industries brands since the end of last year.

Chairman David Howell said the acquisitions provided economies of scale and a profitable operation for the group, creating a platform for continued growth.

“The board remain confident that the group will continue to make good progress in the year ending April 30 2008 as we move to profitability and cash generation,” he said.

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