Photo: Peter Jones Non-executive Deputy Chairman, aged 45. Peter owns 41.6% of the company : http://www.investegate.co.uk/Article.aspx?id=201007271600200166Q

EXPANSYS plc is a leading retailer of smartphones and handheld devices with wireless connectivity, serving retail customers through the internet and corporate customers through direct sales channels. Since its incorporation in 1998, the Company has grown both organically and through acquisition.

http://www.expansys.com/?ito=GAG2032546359&partner=ukadwords&itc=GAC7667657559&itkw=eXpansys&gclid=CLGVwsmEkaoCFcEd4Qod9k6yxg

 

CEO

Anthony Catterson joined EXPANSYS in January 2010 as Chief Executive Officer worldwide.

Bringing with him significant experience and achievements across multi-channel Retail and Wireless channels, combined with a substantial knowledge of mass market Customer propositions, Catterson was previously Managing Director of the £1bn UK Retail Business of The Carphone Warehouse. Previously to this, Catterson held Managing Director posts at Micro Peripherals, Phones4U (where he turned around the Company to become the No2 in the UK market) and Office World. His earlier career saw him gain Operational experience with international Retailers such as Blockbuster Video and Marks and Spencer.

Investment case

The market cap is £12m, but the recent trading statement indicated at year end they had £5m in cash & the Group expects to report profit before tax of approximately £3.4 million for the year ended 30 April 2011. Strip out the cash and you have a £7m market cap company generating £3.4million in pre-tax profits. The valuation seems bonkers for a company that sells mobile phones, tablets, laptops, cameras on an international website.

This time last year the expansys management at the time acquired two of Peter Jone's busineses :

The Board of eXpansys is pleased to announce that it has conditionally agreed to acquire the entire issued share capital of Data Select Network Solutions Limited ("DSNS") and PJ Media Limited ("PJ Media") for a combined consideration of £38 million

http://www.investegate.co.uk/Article.aspx?id=201007060702048593O

 Clearly they overpaid considering the current market cap. But from reading the recent trading statement these two businesses are performing strongly :

the Board is pleased to report that both Data Select Network Solutions Limited ('DSNS') and PJ Media Limited ('PJ Media') generated stronger profits for the year than forecast in January, and have contributed strongly to Group performance since their acquisition in July 2010.

http://www.investegate.co.uk/Article.aspx?id=201106060700168989H

 

Last year results were released early July, as I understand it results are due in the coming days.  I suspect the numbers will wake the…

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