Irish online retailer Buy4Now has reported a sharp increase in turnover and a profitable fourth quarter.

The company, which facilitates online shopping for retailers such as Superquinn, Easons, Atlantic Homecare and Arnotts, said turnover rose from €3 million in 2001 to €11 million at the end of March 2002.

In the fourth quarter it reported profits of €1,473, the first profitable quarter since its inception.

For the year as a whole Buy4Now reported losses of €548,000 compared to a loss of €2.2 million in the previous year.

The losses in the year to the end of March were less than expected.

The group had been bud-geting for losses of €729,000 during the 12 months.

Some two million products from 18 Irish stores are traded through the Buy4Now portal.

It has reported around 200,000 visits to the site every month, with about one third of all Irish people using the internet clicking on the site.

The online company will shortly introduce its new portal technology based on Windows 2000 and a new Superquinn4Food site.

Its board of directors is forecasting a 40 per cent rise in turnover by the end of 2002 with profits expected to come in at €100,000. It employs 40 staff.