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Findel reports good first half progress

Findel has reported making “excellent progress” in the first half of its financial year as revenue grew by 5.2% to mark the fourth consecutive six-month period of year-on-year growth.

GENERAL MERCHANDISE

Findel reports good first half progress

Findel has reported making “excellent progress” in the first half of its financial year as revenue grew by 5.2% to mark the fourth consecutive six-month period of year-on-year growth.

In the 26 weeks to 27 September, Findel reduced its pre-tax loss to £3 million from £11.9 million in the same period last year as the group’s turnaround strategy gathered pace.

Sales in the half year increased to £243.6 million from £231.7 million in the same period a year ago.
Express Gifts, the group’s largest business, grew its sales by 10.7%, while sales at Findel’s education supplies business rose by 8.2%.

Findel said that a sales decline at its Kleeneze business had slowed to 3.5% following management actions. Kitbag, the group’s sporting business, experienced a challenging six months with sales falling by 6.3%.

Roger Siddle, Findel group chief executive, said: "We are very encouraged by these results and the sustained progress against our turnaround plans. In particular, Express Gifts has started the Christmas period strongly and is well positioned to take advantage of the busy period ahead. Education Supplies continues to strengthen with a significant improvement over prior year.

"These interim results represent the fourth consecutive half-year period of year-on-year revenue growth since launching our turnaround plan three years ago. Express Gifts and Education, some 75% of group revenues combined, are seeing improved momentum whilst Kitbag and Kleeneze still need to show progress. We see further potential in all group companies and as a management team we are very focused on ensuring these businesses fulfil their potential in the coming years.

"Overall, we are delivering the turnaround and deleveraging the business, remaining on track to hit our 7-9% operating margin targets in 2014/15."

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