Prices from UK dealers are pretty high compared to Hong Kong, I don't think they are raking in excessive profits, its the VAT and other business taxes unfortunately.
I have bought from a couple of UK dealers and service is pretty good generally, but lately I have been buying from Hong Kong as the prices are so hard to resist. Just bear in mind you will have to wait weeks, not days for delivery, and returning a faulty light can be expensive (about £12 for registered delivery to Hong Kong and that only covers the value up to about £45). You may also get charged import tax, but I never have (so far) - most dealers put a low value on the parcel or mark it as a 'gift' to avoid you having to pay tax on it (a bit naughty I suppose...)
Having said that, I have not had to return any lights yet. They are not 'seconds' or copies, all mine have been new in box and the Fenix ones all register ok on their serial number register. Just to give you some ideas, here are prices I have paid for a few lights from Hong Kong recently. Hong Kong prices can be half or even less of UK prices.
Fenix LD01/E01 combination pack: £21.98.
Fenix E11: £17.28.
Fenix E05: £11.98.
Jetbeam BA10: £21.90.
Jetbeam PA01: £19.49.
I have bought from a number of places, including Dino Direct and Manafont, but can endorse the recommendation for HKEquipment who have been very reliable.
I don't know if I would want to spend big bucks and get a light from Hong Kong, just in case, but most of my lights cost less than £50 so I'm prepared to take the small risk for the big savings.