Premier Direct profits up 437%

PREMIER Direct, the workplace seller of cheap and cheerful novelty gifts and books, saw pre-tax profits rocket 437% to £2.7m in the six months to 31 January thanks to the purchase of The Wonderful Book Company last summer.

David Beckham's autobiography My Side, offered at a bargain-basement price of £6.99, was one of its biggest sellers during the period.

The company uses self-employed distributors to sell books, gifts, CDs and videos to customers at their workplace, and its low overheads and big purchasing power enable it to undercut High Street prices.

Turnover doubled to £19.9m as the group slashed its debt from £6.6m to £2.2m. The interim dividend is 7p.

Chief executive Barry Moat said: 'Our balance sheet is robust and the company remains highly cash generative. Trading in the second half has been strong and we are confident that this will continue.'