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Findel pre-tax profit up 45%

Findel has reported a 45% increase in its full-year pre-tax profit as it continues to make progress with its turnaround strategy.

GENERAL MERCHANDISE

Findel pre-tax profit up 45%

Findel has reported a 45% increase in its full-year pre-tax profit as it continues to make progress with its turnaround strategy.

In the 52 weeks to 29 March 2013, pre-tax profit before exceptional items rose to £15.5 million from £10.7 million in the previous year. Group revenue increased from £537.8 million to £580.6 million.

The group said Express Gifts, its largest business, had put in a particularly strong performance with revenue rising by 13.4% and operating profit increasing by 15.9%.

Progress was also made at the group’s sports merchandise retailer Kitbag and at its educational supplies business. However, Kleeneze saw a fall in both sales and profits in the year although Findel said it had taken action to reverse the declines.

Findel group chief executive Roger Siddle said: "These are very encouraging results that illustrate the extent of the progress that has been made in turning around the group’s operations over the last two years. 

"Given the scale of the opportunity we see in the business, we have set ourselves clear targets.  Current trading remains encouraging and we are confident of making further significant progress in the coming year."

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