Ideal Shopping Direct has said trading since its last update has been ahead of internal forecasts and it is confident the year end outcome will be ahead of current market consensus.
The operator of TV and internet shopping channels said at its last update on September 23 that the outcome for the financial year will be dependant on trading in the final quarter. It said it is now confident that positive progress is being made towards profitability at the full year, although there remains an important 17 days of trading for the current financial year before the result can be confirmed.
Chief executive Mike Hancox said: “The improved trading we are announcing today is largely due to the changes we have implemented over the last year. Despite the challenging economic environment, we remain confident that our ongoing strategic initiatives will ensure the company continues to grow throughout 2010.”
The company’s cash balance at December 15 was £10.9m.
The board will issue a pre-close announcement on January 20, 2010.