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Findel profits rise, driven by Studio

Wed, 05th Jun 2019 13:24

(Sharecast News) - Home shopping company Findel reported a jump in full-year profit and revenue on Wednesday, thanks in part to a solid performance form Studio, its online value retailer.In the year to 29 March, pre-tax profit jumped 33% to £29.4m on revenue of £506.8m, up 5.7% from 2018.Findel said Studio continued to drive the group performance, with strong growth in customer numbers, sales and profits. It added that Studio enjoyed a "particularly strong" trading performance in the run-up to Christmas.The company also announced plans to change its name to Studio Retail Group.Chief executive Phil Maudsley said: "These strong results reflect the clear transformation of the group into a digital-first, value led retailer."In particular, Studio has prospered in current market conditions. We have rapidly grown the active customer base to 1.9 million over the last three years, with new customers drawn to the incredible value we offer, while existing customers are shopping with us more frequently and across wider ranges."Our education business has also adopted a digital-first mentality with an objective to save schools time and money to win back customers and I am delighted with the progress that continues to be made."Last month, Sports Direct's mandatory £139.2m offer for Findel lapsed after it failed to get the required level of support from shareholders.Sports Direct offered to buy the group back in March after agreeing to purchase 6 million shares in the business from a single shareholder, City Financial Absolute. This took its holding in Findel to 36.8% from 29.9%, above the 30% mandatory offer threshold set by the Takeover Code.Findel had been vocal in its rejection of the "highly opportunistic" offer, which it said "significantly" undervalued the group.

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Findel Increases Securitisation Facility To Support Growing Express Gifts Business

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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

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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

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Findel shares hit by divisional difficulties

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1 Oct 2013 09:52

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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

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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

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