Findel Share News (FDL)

Findel Information

There is currently no data for FDL

REMOVE ADS

Findel On Track For Full Year As Sales Grow In Second Half So Far

Thu, 26th Jan 2017 09:15

LONDON (Alliance News) - Findel PLC on Thursday said sales growth picked up in the first 16 weeks of its financial second half.

The value retail and education business said sales in the 16 weeks since October 1 grew by 11% year-on-year, accelerating from 6.5% growth in the first half.

Its largest business, Express Gifts, achieved sales growth of 14%, helped by peak Christmas trading and contributions from new customers.

Findel said its 2016 new customer recruitment target for Express Gifts was "significantly" exceeded, with the customer base ending the calendar year 13% higher at 1.6 million. Express Gifts also increased customer retention through improvements to its websites.

Within Findel Education, sales in the 16 weeks improved to a 1.7% year-on-year decline from a 5.4% decline in the first half.

Findel added that exceptional items in the full year will stand at GBP8.0 million, with non-cash impairments accounting for around half.

"Despite the additional investment in marketing costs for recruitment at Express Gifts, the group's profit for the full year is expected to be within the range of current market forecasts," Findel said.

Current market forecasts for full-year pretax profit before exceptional items are between GBP25.5 million and GBP26.1 million.

Shares in Findel were trading up 2.2% at 206.00 pence on Thursday.

By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews