Findel sales rise as turnaround continues

Home shopping, educational and healthcare business Findel said its turnaround actions helped it report a 7.9 per cent increase in first half sales, and while spending pressures remain, it is confident of further progress.

Home shopping, educational and healthcare business Findel said its turnaround actions helped it report a 7.9 per cent increase in first half sales, and while spending pressures remain, it is confident of further progress.

Its largest business Express Gifts continued to deliver a strong sales performance with sales during the half year up 18% from the prior year while bad debt rates remained stable.

As it moves towards the key Christmas period, Findel said Express Gifts is well positioned for further growth, although the rate of growth may slow as comparative periods are stronger.

Meanwhile at Kleeneze, the continuing wet summer conditions hampered its performance with first-half sales down 7.1% from the prior year.

The company, which operates a portfolio of catalogue and online retailers including Kitbag, said its sales rose 11.1% from the previous year, with a significant increase in gross margin. Sales at its Education Supplies business fell 5.2% as its turnaround continues.

Its Healthcare business saw sales rise 13.2% in the first half following new contracts and growth from existing contracts.

Commenting on its performance Findel said: "The group's trading performance during the first-half confirms that our turnaround actions are taking effect with an overall improvement in first-half operating performance over the prior year."

"Whilst the peak sales periods for the group are still to come and on-going pressure on spending causes us to remain cautious, we believe we are well placed to continue to deliver on our turnaround plans."

CJ

Recommended

Britain’s ten most-hated shares – w/e 9 August
Stocks and shares

Britain’s ten most-hated shares – w/e 9 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
10 Aug 2022
Aviva: One for income investors to tuck away
Share tips

Aviva: One for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
10 Aug 2022
Director dealings w/e 5 August: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 5 August: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
9 Aug 2022
Britain’s most-bought shares w/e 5 August
Stocks and shares

Britain’s most-bought shares w/e 5 August

A look at Britain’s most-bought shares as of 5 August, providing an insight into how investors are thinking and where opportunities may lie.
9 Aug 2022

Most Popular

Are UK house prices finally heading for a crash?
House prices

Are UK house prices finally heading for a crash?

The latest house price figures show a fall of 0.1% in July. With interest rates rising, inflation hitting double figures and a recession on the cards,…
5 Aug 2022
Brace yourself for the return of rationing
Economy

Brace yourself for the return of rationing

Russia is turning off the cheap energy. That is already leading to belt-tightening, says Matthew Lynn. Who will suffer most, and which sectors will th…
5 Aug 2022
Fear of missing out – what should investors do now?
Investment strategy

Fear of missing out – what should investors do now?

Markets have rallied from their mid-June lows. But if you missed out, as most investors did, what should you do now? Max King explains.
8 Aug 2022