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Findel revenue jumps 8.1%

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Home shopping retail group Findel has reported revenue growth of 8.1 per cent to £275.1 million as its turnaround strategy begins to bear fruit, according to results released today.

In the 26 weeks ended September 28th 2012, pre-tax losses reduced by 17.9 per cent to £4.6 million while the retailer also decreased its overall net debt as it remains committed to further investment to drive growth.

Since period end, in the eight weeks to November 23rd, sales have surged 7.7 per cent on the same period last year.

Across its Express Gifts Division, sales rose 18.1 per cent as Kitbag’s sales jumped 20 per cent ahead of last year though the group emphasised that “Christmas trading will be key” while Kleeneze suffered a 7.1 per cent fall in sales.

Commenting on the results, Group CEO Roger Siddle said: “The Group’s trading performance during the first-half confirms that our turnaround actions are taking effect with an 8 per cent increase in revenues and a return to operating profitability.

“We remain very encouraged by the performance of Express Gifts, on track again for a strong Christmas, with divisional current trading 9 per cent ahead of a strengthening prior year comparator.

“In addition, our Kitbag and Education businesses show evidence of recovery in performance.”

Within Findel’s Education supplies division, sales declined 5.2 per cent to £59.2 million while its operating profit level broke even while its Healthcare business saw sales rise 13.3 per cent to £43.4 million.

Looking ahead, Siddle commented: “Our focus is on continuing to drive forwards our turnaround plan, to maintain this trend of improving results into the second half and beyond, with the clear aim of delivering improved shareholder returns over the medium term.

“Notwithstanding on-going pressure from reduced consumer spending and cost inflation, we believe we are well placed to continue to deliver on our plans.”

Published on Tuesday 27 November by Editorial Assistant

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