Irish e-grocer makes first trading profit


12 May 2003

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Dublin-based e-grocer Buy4Now.ie has reported an increase of 33pc in revenues to reach sales of €14.75m in its annual results and has revealed plans to bring its formula international.

The company reported its first net trading profit of €75k before development write-offs of €100k in developing international business software and €50k in upgrading its fleet of delivery vehicles.

According to the annual results, the shopping portal for Superquinn saw the online business of the supermarket chain grow by 40pc to €12.5m.

Buy4Now.ie has projected online turnover to exceed €18m for the current financial year.

According to the company, site traffic grew 100pc over the previous financial year with an average of 200,000 visitors per month and over three million page impressions. Some 75,000 people are now registered with the site.

The company has more than 18 retail partners involved in the portal, including Easons, Arnotts, Atlantic Homecare and Gresham Hotel and it intends to sign up new partners in the areas of toys, electrical goods and entertainment products.

Buy4Now.ie, which employs 44 people, invested more than €1m in its software product set for the past 12 months plus an additional €100k in sales and marketing to promote the offering to the wider international marketplace. The company hinted that it will be announcing a major international business partner in the next few months.

Buy4Now’s CEO Ali Murdoch says: “It has been a very satisfying year for Buy4Now with our first annual trading profit and a continued investment programme in software development, which we believe will benefit the company greatly in the current financial year. We have succeeded, once again, in maintaining our position as Ireland’s largest e-tailer and the focal point for online shopping in Ireland.

“We expect further strong growth in the Irish market and are confident that we will leverage our e-tailing experience and software assets to win contracts with major international retailers. We view 2003 as a crucial year for Buy4Now and are working closely with our retail partners here and with Enterprise Ireland on an international basis to ensure that goals are met,” Murdoch says.

By John Kennedy