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2017 Interim Results

Findel, the online value retail and education business, today announces its Interim Results for the 26 week period ended 29 September 2017.

29.11.2017

Findel appoints Stuart Caldwell as Chief Financial Officer

Findel, the online value retail and education business, is pleased to announce the appointment of Stuart Caldwell as Group Chief Financial Officer (CFO) with immediate effect.

13.07.2017

Financial Results 2017

Findel, the online value retail and Education business, today announces its Full Year Results for the 53 week period ended 31 March 2017.

27.06.2017

Appointment of Chief Executive

The Board of Findel plc is pleased to announce that it has appointed Phil Maudsley as Chief Executive with immediate effect. Ian Burke, executive Chairman, has moved to non-executive Chairman.

06.04.2017

2017 Interim Results

29.11.2017

Findel, the online value retail and education business, today announces its Interim Results for the 26 week period ended 29 September 2017.

Highlights

  • Strong sales performance in the first-half with Group like-for-like* revenue up 8.4% on prior year (reported revenue up 6.1%), driven by successful customer recruitment programme at Express Gifts
  • Adjusted profit before tax* for H1 up by £10.1m to £11.9m, assisted in part by intra-year timing differences.
  • Guidance for the full year remains unchanged
  • Our largest business, Express Gifts, continues to show strong growth in customers and revenue
  • The operational turnaround of Findel Education is proceeding in line with our plans
  • Core net debt* of £90.0m at half year reduced by £4.4m, primarily due to timing differences on sales of overdue customer receivables

Outlook

The strong performance from Express Gifts in the first half, with continued growth in customer numbers and sales, provides the basis for sustainable medium-term profit growth. This is alongside the turnaround of Findel Education.

At a time where retail markets are seeing more caution from consumers, the Studio.co.uk proposition appears to be attractive and relevant to value-conscious customers. Our successful customer recruitment programme leaves us on course to achieve 2 million active customers at Express Gifts over the next 2 to 3 years.

We remain on track to meet full year expectations, and our earnings and net debt guidance remains unchanged.

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