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.
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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
