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Findel narrows losses as revenues rise by 8.1%

Findel, the home shopping, educational and healthcare business, has reported making good progress with its turnaround as revenues rose by 8.1% to £275.1 million in the half year to 28 September.

GENERAL MERCHANDISE

Findel narrows losses as revenues rise by 8.1%

In addition, the company saw its pre-tax losses before exceptional items narrow to £4.6 million from £5.6 million in the same period last year.

Findel, whose brands include Kleeneze and Kitbag, said that current trading was “broadly encouraging” with sales up 7.7% in the eight weeks to 23 November compared to the same period last year.

In the half year Kitbag sales rose 11.9% to £33.7 million whereas Kleeneze sales dropped 7.1% to £24.4 million.

Group chief executive Roger Siddle said: "The group's trading performance during the first-half confirms our turnaround actions are taking effect with an 8% increase in revenues and a return to operating profitability (before exceptional items).

"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 ongoing pressure from reduced consumer spending and cost inflation, we believe we are well placed to continue to deliver on our plans."

 

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