Findel profits surge 33% thanks to strong Christmas season

471
Findel studio
// Findel pre-tax profits surge 33% year-on-year to £29.4m
// Revenues up 5.7% to £506.8m

Findel saw full-year pre-tax profits surge by a third, which it attributed to a “strong” performance from its Studio ecommerce site leading up to Christmas.

For the 12 month period ending March 29, pre-tax profits rose 33 per cent to £29.4 million while revenue rose 5.7 per cent to £506.8 million.

Findel said its revenue uptick was boosted by a “particularly strong trading performance” from its online retail site, Studio, in the period leading up to Christmas.

The improved performance in its Studio division comes as the transition to focus on value and investment in digital led to online customer orders skyrocketing to 75 per cent of product revenue.

This compared to 68 per cent last year.

Meanwhile, 92 per cent of new customers placed their first orders online, an increase from 84 per cent last year.

Findel’s education division saw online sales rise from about 50 per cent to over 66 pet cent, while its its active customer base rose by eight per cent.

Findel added that its core debt was slashed by £16.4 million to £57.4 million.

The full-year period saw Findel completely rebrand its Express Gifts ecommerce site Studio.

The company is now also looking to change its name to Studio Retail Group.

“We look ahead with confidence and ambition, as shown by our proposed name change to Studio Retail Group,” group chief executive Phil Maudsley said.

“We remain focused on our customers’ needs, and our investment in digital technologies and delivering on our strategic objectives will underpin profitable growth over the medium term.”

Click here to sign up to Retail Gazette‘s free daily email newsletter