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28 Nov 2018 | 08:56

Findel posts uptick in profit despite subdued revenue growth

Findel reported Wednesday first-half underlying profits rose modestly as revenue was weighed down by falling growth in its express gifts division owing to changes to marketing activities.

For the six months ended 30 September, adjusted pre-tax profits rose 2.3% to £11.6m and revenue rose 1.7% to £228.2m.

Reported profits, which included a credit of £5.5m from currency hedging activities, swelled to £17.1m from £7.5m a year earlier, the company said.

Express gifts, the company's largest business, saw revenues decline to £14.65m from £15.66m a year earlier, even as the company reported that the division had its most successful ever Black Friday campaign.

After a quieter second-quarter period, trading in the last 10 weeks had been strong and in line with the company expectations, Findel said.

The company said its expectations for the full-year and the medium-term remain unchanged. At 8:56am: (LON:FDL) Findel PLC share price was +4.5p at 224.5p

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