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Findel surprises the market with a "strong recovery"

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Home shopping group Findel has noted a strong improvement in its recent sales across its two businesses. The etailer said that profit before tax for the year ending 25 March would be “broadly in line with market expectations.”

Following a slow third quarter, and the recent sale of Kitbag, its latest results exceed analysts’ predictions. Findel forecast in January that its full-year profits would be £2m-£3m lower after suffering sales at Express Gifts.

In a statement this morning, Findel commented that Express Gifts had shown a “strong recovery”.

During the last nine weeks of its financial year, the etailer recorded 8.5% growth among its core business.

"Our thematic reviews of past product sales are increasingly thorough and, whilst it is disappointing that we continue to find additional areas where customer redress is appropriate, shareholders should take comfort from the fact that we are now identifying inappropriate products for which sales ceased in 2006 and taking active steps to ensure that all issues identified are properly dealt with” said Executive Chairman David Sugden.

"Looking further ahead, we remain confident that Express Gifts' strategy will yield significant medium-term profit growth and Education is well placed to benefit from the actions we are taking."

Published on Thursday 24 March by Talya Misiri

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