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Findel reports surge in pre-tax profits

Home shopping specialist Findel has seen its full year pre-tax profit before exceptional items surge by 87% to £22 million.

GENERAL MERCHANDISE

Findel reports surge in pre-tax profits

Home shopping specialist Findel has seen its full year pre-tax profit before exceptional items surge by 87% to £22 million.

In the 52 weeks to 28 March 2014, total group revenue grew by 4.8% to £514.7 million with the improvement driven by the group’s two largest businesses Express Gifts and Findel Education.

After including extra costs, pre-tax profits rose to £3.3 million from £500,000 in the previous year.

Express Gifts recorded a 9.6% increase in revenue and 41% growth in operating profit in the year while Findel Education delivered a 6.5% increase in sales and a fourfold rise in operating profit.

However, the group’s sporting business Kitbag performed less well although its trading and financial performance improved during the second half. In the full year, losses increased to £4.1 million from £1.7 million in the previous year.

At Kleeneze sales fell by 5.5% with operating profits reducing by around a third.

Findel group chief executive Roger Siddle said: "Over the past three years we have turned the group around from its extremely difficult position through a clear focus on a series of 'self-help' plans. The strong results we are reporting today represent a year of transition for Findel as we make the move from a turnaround phase to one of continued growth and improvement. As we look ahead, there remains significant potential for additional performance improvement to deliver further value for our shareholders."

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