Further investment needed to deliver Findel plc's goals in four to five years
Compared to the previous year, sales from continuing operations were stable at £255.8m (2009 restated: £260.0m). There was also an increase in operating profit from continuing operations to £6.2m (2009 restated: £3.3m).
Performance in the Home Shopping Division was maintained versus prior year. Sales from continuing businesses were £152.3m (2009 restated: £152.5m), Continuing operating profit was £1.9m (2009 restated: £0.9m).
David Sugden, Chairman of Findel said,"I am pleased to report that in the 26 weeks ended 1 October 2010 we have begun to make real progress towards improving the Group's performance and profitability and securing its longer term success”.
“Our Full Potential Review has identified that our existing businesses are capable of significant improvement in profit performance. We are at an advanced stage in our negotiations with our major shareholders and lenders to agree a comprehensive refinancing of the Group's balance sheet. This would provide a solid platform to enable the operational improvements identified in our review to be implemented swiftly, whilst also reducing the Group's net indebtedness."
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