Findel Share News (FDL)

LONDON (Alliance News) - Findel PLC on Wednesday reported a growth in revenue and profit, boosted by its online retailing unit Studio.

The home shopping company said pretax profit more than doubled to GBP17.1 million in the 26 weeks to September 28 compared with GBP7.5 million reported in the same period a year ago. Revenue climbed 1.7% to GBP228.2 million from GBP224.5 million a prior year.

Profit, before tax and fair value movements on derivative financial instruments, was slightly higher year-on-year at GBP11.6 million versus GBP11.4 million.

Findel said the reduced marketing costs were offset by the increased investment in headcount.

The company's largest business Express Gifts - trading as online value retailer Studio - had an active customer base of 1.9 million at the end of the period, up from 1.8 million as at March 31. Findel said new and repeat customers were attracted by clear online value proposition, with clothing performing particularly strongly.

Looking forward, Findel said product sales in the 10 weeks to Friday last week were up 12% year-on-year, with record trading levels in the three weeks to Black Friday.

"This has been a period of continued progress and profit growth, driven by Studio's hugely attractive customer proposition as a digital first, value retailer," said Chief Executive Phil Maudsley.

"We have been pleased with the start to the second half, buoyed by a record-breaking Black Friday period, and we are well placed as we head into Christmas. Our expectations for the full year remain unchanged," added Maudsley.

The stock was up 1.8% on Wednesday at 223.92 pence a share.