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Findel annual profits seen 'slightly' above market expectations

Thu, 09th May 2019 10:44

(Sharecast News) - Home shopping company Findel, which recently rejected a £139.2m takeover bid from Mike Ashley's Sports Direct, said on Thursday that it expects full-year pre-tax profit to be slightly above market expectations of £27m to £28m.In an update on trading following the close of its financial year to 29 March 2019, the company said its Studio business aw good trading in the seasonally-quieter weeks of the fourth quarter, with garden ranges benefitting from the warmer weather in early February and homeware ranges trading well throughout. Meanwhile, collections and recoveries from credit receivables have been in line with plan.In the education segment, there was an acceleration of its customer recruitment in the final quarter and a further increase in online ordering levels, which Findel said was "encouraging" as we enter the new financial year. The group's core net debt at the end of March stood at around £57m, down from £73.8m at the same time last year.Sports Direct offered to buy Findel back in March after agreeing to purchase 6 million shares in the business from a single shareholder, City Financial Absolute. That took its holding in Findel to 36.8% from 29.9%, above the 30% mandatory offer threshold set by the Takeover Code.However, the offer lapsed last week after Findel failed to get the required level of support from shareholders.Findel had been vocal in its rejection of the "highly opportunistic" offer from Sports Director, which it argued "significantly" undervalued the group.At 1245 BST, the shares were up 5.1% at 184.95p.

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Findel Increases Securitisation Facility To Support Growing Express Gifts Business

LONDON (Alliance News) - UK home shopping and education business Findel PLC Wednesday said that it has increased its securitisation facility for its Express Gifts division. Express Gifts is the group's direct mail-order business and largest segment, and has been the driving force behind the

15 Jan 2014 10:15

STOCKS NEWS EUROPE-UK small caps gain, Findel strong

The FTSE Small Cap index and junior-listed AIM shares both gain 0.3 percent, in line with the blue chips and outperforming a 0.2 percent rise on the FTSE 250 index. Home shopping firm Findel climbs 3.5 percent after lifting the funding facility to support the growth of its Express Gifts bus

27 Nov 2013 09:36

Findel narrows half year losses

Home shopping and education business Findel narrowed its first half losses as it reported a 51 per cent rise in revenue of 243.6m pounds. Loss before tax came to £0.4m in the six months ended September 27th, down from a loss of £6m the previous year. The company's Express Gifts division, which in

27 Nov 2013 08:43

Findel Narrows Half-Year Loss And Says Sales Momentum Continuing

1 Oct 2013 10:37

Findel shares hit by divisional difficulties

Shares in UK Home Shopping and Education business Findel took a hit on Tuesday after the group warned of problems within its Kleeneze business, and decline in Kitbag sales, increasing first-half losses. Within Kleeneze, the company's efforts to arrest decline continued, however comparators to the

1 Oct 2013 09:52

BROKER RATING CHANGES: Barclays, Nomura Cut Unilever Price Target

1 Oct 2013 09:36

Findel Expects Higher Half-Year Operating Profit; Boosted By 5.2% Sales Growth

24 Jul 2013 15:48

STOCKS NEWS EUROPE-UK small caps close higher, beating mid-caps

The FTSE Small Cap Index closes up 0.3 percent while the FTSE AIM All Share Index ends 0.2 percent higher, while the FTSE 250 mid-cap index lags with a 0.1 percent gain. Home shopping company Findel ends up 11.6 percent after the company issues a trading update in which it says that group s

10 Jun 2013 07:34

Monday broker round-up UPDATE

ASOS: HSBC Holdings increases target price from 3660p to 4380p and keeps an overweight rating. Bellway: Deutsche Bank raises target price from 1482p to 1503p and reiterates a hold recommendation. Betfair Group: Citi ups target price from 880p to 950p, upgrading from neutral to buy. Capco: UBS inc

5 Jun 2013 10:37

STOCKS NEWS EUROPE-UK small caps outperform, led by Findel

The FTSE small-cap index sheds 0.2 percent, outperforming falls of 0.5-0.9 percent for the mid caps, the blue chips and the junior FTSE Alternative Investment Market (AIM) all-share index. Shares in Findel rise 7.5 percent to the top of the FTSE small-cap index as the home shopping group sw

5 Jun 2013 09:26

Express Gifts drives growth at Findel

Home shopping, educational and healthcare business Findel has unveiled its results for the 52 weeks ended March 29th showing rises in profit, revenue and earnings per share. Total group revenue grew by 8.0% to £580.6m, with continuing operations excluding the Healthcare division (which was sold aft

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