Online retailer and education provider Findel returned to the black after revenue rose and it didn't book any more write-downs.
Pre-tax profit amounted to £22.1m, compared to a £59.4m loss a year earlier when the company booked asset impairments and expenses for onerous lease provisions.
Revenue grew 4.8% to £479.0m, while adjusted operating profit climbed 15.4% to £36.0m.
The company didn't declare any dividends.
'This has been a year of good sales growth and improved profitability through our focus on delivering great-value products to our customers across all channels,' chief executive Phil Maudsley said.
'The year has also seen significant progress against our strategic objectives and both businesses continue to transform their digital sales offering.'
'We are encouraged by the start to the new financial year from both businesses, and remain confident in the opportunities for future profitable growth.'
At 2:51pm: (LON:FDL) Findel PLC share price was +8p at 251p