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Annual Results

Findel adjusted operating profits fall

27 June 2017 07:28

Findel's like-for-like revenues rose by 10.2% to £452.4m in the 53 weeks to 31 March.

Adjusted operating profits fell by 10.4% to £31.1m as margins dropped to 6.9% from 8.4%.

The group posted a pre-tax loss of £59.4m - up from £1.7m last time.

Chief executive Phil Maudsley said: "These results reflect a year of good progress in the group's largest business, Express Gifts and we are focused on supporting our leading value proposition with a digital transformation in both businesses. "At Express Gifts, the ongoing investment in our product offer and our move to year-round customer recruitment is already resonating well and delivering strong results.

"In particular, the 17% rise in customer numbers to 1.6 million is very encouraging, and underlines the strength of our strategy.

"While at Findel Education, we are addressing market share decline through a clear strategy based on value, service and digital. "Within today's results, we have also announced increased provisions related to our new bad debt model and the impairment of goodwill and other intangible assets, both non-cash items.

"Whilst this is disappointing, it is a necessary measure and we have now addressed a number of judgmental issues for the benefit of our customers. "Looking ahead, the new management team is confident in delivering against the respective strategies of both businesses.

"The ongoing operational improvements being made provides a strong platform for future growth and I am excited about the prospects for the group as we enter the new financial year."

Story provided by StockMarketWire.com

Related Company: FDL

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