Troubled phone and electronics retailer Strathfield Group Ltd
(ASX:SRA) says it will lobby the Australian Securities Exchange later this week to lift a year-long trading ban over its shares.
The company has released the last of its outstanding financial reports, declaring a first half profit of $2.9 million, and has told investors it is confident its recent difficulties are now behind it.
A year ago, the company reported a loss of $18 million.
Chairman Vaz Hovanessian says the result represents a significant turnaround for the retailer, which had a brief stint in the hands of administrators early last year due to unsustainable levels of debt and unprofitable stores.
Group revenue rose 253% to $29.2 million in the 2009 December half and increases were recorded for working capital and profit margins.
But Mr Hovanessian warns that uncertainty in the retail environment will pose challenges for the company in terms of future demand and growth.
Strathfield Group listed in 1998 and shares last traded below 1 cent in 2007.
