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Director Appointments

Findel appoints CEO

06 April 2017 09:09

Findel has appointed Phil Maudsley as chief executive with immediate effect and executive chairman Ian Burke has moved to non-executive chairman and announced that it expected full-year profits before tax and exceptional items to be slightly below the bottom of the range of consensus.

Maudsley was previously managing director of Express Gifts, the group's online value retail business.

Maudsley has led the development of Express Gifts for more than 20 years, and has been a board director since 2004.

Findel said that Paul Kendrick had succeeded Maudsley as Express Gifts' MD.

Kendrick joined Findel as Express Gifts' deputy MD in 2016 having previously held a variety of senior positions at retailers including Bonmarche, N Brown and GUS.

In a trading update, the group said it had seen strong sales growth and anticipated total like-for-like sales growth for the full year ended 31 March to be around 10%.

It added: "As highlighted in January's trading statement the rate of sales growth accelerated in the second half of the year.

"Overall, the group expects to report a profit before tax and exceptional items slightly below the bottom of the range of consensus .

"Core net debt is expected to end the year at c. £80m, an improvement of around £5m on the prior year and slightly better than market expectations.

"Within this, the group's largest business, Express Gifts has had a strong year for customer and revenue growth.

"Total sales were up by 14%, within which product sales were up c16%. Customer growth increased by 21% for the first 13 weeks since the start of the calendar year."

It added: "Findel Education has continued to see difficult market conditions for educational resources and expects to see full-year sales on a like-for-like basis declining by around 4%."

At 9:09am: (LON:FDL) Findel PLC share price was -0.75p at 202.25p

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