Profits at home shopping group Findel were given a helping hand by a strong performance from its Express Gifts division.
For its first year results, the multi-channel retailer grew pre-tax profits from continuing operations by 28%to £26.5m with the personal shopping service Express Gifts recording sales growth of 4.7% to £302m and operating profits up 9% to £33.5m.
The company, which also sells education supplies, also reported a significant reduction in losses at sports merchandise retailer Kitbag following a sales increase of 11.7% and the renegotiation of unprofitable contracts.
David Sugden, Chairman of Findel, said: “These results represent another year of progress for Findel, with Express Gifts continuing to drive the group forward. There remains significant opportunity for further growth within this business as we continue to grow the depth and breadth of our ranges and improve the customer experience.
We are confident that the new management team in place at Findel Education, together with a sharper market focus, will deliver an improvement in performance over the medium term. Kitbag has delivered a substantial recovery and has started to capitalise on the significant growth opportunities open to the business.
Overall, we expect to achieve further profit growth, which together with a further reduction in core debt, will deliver improved returns for shareholders.”