Mitre 10, a firm which is currently up in the market for an acquisition, has posted a successful pre-tax profits report for the current fiscal year's first four months, leading to speculations that the suitors might have to now revise their bids to make them better suited for a firm going strong.

In addition, Mitre has also announced that going by the current trend, it would be safe to say that the total report for the financial year's first half would be pretty strong.

The group recorded profits before interest and tax of $2.67 Million in October alone, boosting the earnings for the first four months up-to October 31 to $6.44 Million, which is a very strong rise when compared to the $239,000 worth of loss posted for the same period last year.

Mark Burrowes, Chief Executive of Mitre 10, has shared that the strong profits are another sign pointing to the fact that the firm's transformation plan, which was put into effect last year, has started delivering good results.

"This is a great platform as we move into the key Christmas sales period. The result is vindication of our cost reduction program, further improvements to the inventory systems, improved supply chain efficiencies, the stabilization of accounts and stronger relations with suppliers. We are well on track to achieve a very strong half year result", Mr. Burrowes shared.

Mitre 10 currently boasts over 400 retail stores across Australia. The company is expected to decide on, and announce, the successful bidder within the coming fortnight.