AdultShop grows

ADULTSHOP.COM Limited is predicting strong growth and a maiden net profit of $5.6 million for this financial year.

Revenue from ordinary activities for the 2001/2002 financial year is forecasted to exceed $118 million, while revenue for the first half of the 2002/2003 financial year will be at least $106 million.

Net profits for the first half-year of 2002/2003 are expected to more than double again to more than $A11.6 million.

AdultShop.com expects its cash reserves to reach over A$30.3 million at the end of December 2002.

The majority of revenue and profit growth is expected to be generated by Adultshop’s online entertainment business, Today’s Success Pty Ltd. The company expects increases in the number of retail broadband connections to improve the growth of its online entertainment websites.