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Interim Results

Findel profits flat

25 November 2015 07:53

Home shopping and education business Findel posts pre-tax profits before exceptional items of £3.4m for the 26 weeks to 25 September - unchanged from last time.

Revenues of £191.4m were down from £192.2m in 2014. The group reports a pre-tax loss of £0.6m - down from £1.0m a year ago.

Executive chairman David Sugden said: "Express Gifts has seen a remarkable improvement in its performance over the last four years and the business is confident that the recent slowdown in new customer recruitment will be reversed in future campaigns. The plans for recruitment all year round and maintaining the focus on delivering good value products to its 1.4 million customers position it well for the future.

"Findel Education is starting to make encouraging progress in recovering its market share. The steps we have taken to rationalise its warehousing overhead, combined with the key appointments made to strengthen its marketing and digital strategies provide a strong platform for significant medium-term profit growth.

"The refinancing of our debt facilities together with ongoing debt reduction provide a sound financial platform to develop the full potential of these two businesses.

"Overall, we remain well positioned to deliver an increase in profit before tax for the full year in line with expectations."

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