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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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20 Jul 2010 08:07

Findel FY10 Loss Widens By 33%, Skips Dividend

LONDON (Dow Jones)--Findel PLC (FDL.LN), a U.K.-based home shopping and educational supplies business, said Tuesday its pretax loss for fiscal 2010 widened by 33% and added that it will not pay a dividend for fiscal 2010 and does not expect to declare a dividend for the current financial year as wel

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16 Jul 2010 12:04

Findel Appoints Tim Kowalski As Group Finance Director

LONDON (Dow Jones)--Findel Plc (FDL.LN), a home shopping and educational supplies sales company announced Friday the appointment of Tim Kowalski as Group Finance Director with effect from August 2. MAIN FACTS: -Kowalski brings substantial relevant experience to the role having been Group Fin

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21 Jun 2010 16:00

UK SMALLCAP ROUNDUP: Eckoh Sees Return To 1H 2011 Profit

Dow Jones smallcap news is now on Twitter, allowing you to catch up on the news away from your desk. Go to http://twitter.com/DJ_UK_Smallcaps ECKOH PLC (ECK.LN), a voice recognition specialist, expects to return to a profit in the first half of fiscal 2011 after posting a narrowed pretax loss f

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21 Jun 2010 12:30

UK SMALLCAP ROUNDUP: Photo-Me Fined GBP500,000 By FSA

Dow Jones smallcap news is now on Twitter, allowing you to catch up on the news away from your desk. Go to http://twitter.com/DJ_UK_Smallcaps PHOTO-ME INTERNATIONAL PLC (PHTM.LN), a photo booth operator, was Monday fined GBP500,000 by the U.K. Financial Services Authority for failing to keep in

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21 Jun 2010 08:53

UK SMALLCAP ROUNDUP: GW Pharm Seeks More EU Sativex Approvals

Dow Jones smallcap news is now on Twitter, allowing you to catch up on the news away from your desk. Go to http://twitter.com/DJ_UK_Smallcaps GW PHARMACEUTICALS PLC (GWP.LN), a drug company, Monday said it will apply to sell multiple sclerosis medicine Sativex in other European countries during

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21 Jun 2010 08:42

Findel FY profit reduced by £6m after review

Home shopping firm Findel said full year profit will be reduced by over £6m after it found accounting errors in its education division. "The review of the Education Division completed by new divisional management in conjunction with the Company's auditors has led to a revision of the estimates pro

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21 Jun 2010 08:19

Findel Cuts FY09 Pretax Profit On Education Accounting Errors

LONDON (Dow Jones)--U.K. home shopping and educational supplies company Findel PLC (FDL.LN) Monday cut the pretax profit results for fiscal 2009 after finding accounting errors in its education division. Findel said the errors are estimated to have reduced its pretax profit for the year ended Ap

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8 Jun 2010 14:17

Findel Sells Webb Group To Endless For GBP1

LONDON (Dow Jones)-- Findel PLC (FDL.LN), a group in home shopping and the distribution of educational and medical supplies, announced Tuesday the sale of its wholly owned subsidiary Webb to Endless LLP for a total consideration of GBP1 paid in cash. MAIN FACTS: -Webb comprises two main trad

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23 Apr 2010 14:07

London afternoon: Insurers left behind

The blue-chip index edged higher over the lunch time session but has not yet recouped all of yesterday's losses, and barring a late flourish looks set to end the week lower than it started it. The number of FTSE 100 constituents in the red is in single figures and comprises a large number of insure

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23 Apr 2010 12:14

Sector movers: Findel lifts retail despite lower profit expectations

At the end of what has been quite a busy week for retail stocks, home shopping group Findel is helping to lift the sector higher, even after lowering its profit expectations. Benchmark profit before tax will be between £16m to £17.5m after the group's educational supplies division expectations were

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23 Apr 2010 08:28

London open: Minimal gains posted

London's leading shares are showing slight gains as a late recovery on Wall Street boosts investor sentiment. Banks are amongst the early movers with RBS, Barclays and Lloyds all higher, while utilities such as Severnt Trent, National Grid and United Utilities are at the bottom end of the market.

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23 Apr 2010 07:42

Findel sees lower profits

Home shopping firm Findel said benchmark pre-tax profit will be lower than previously expected due to difficult market condition at its educational supplies division. The group also said full year results will include intangible impairment charges of approximately £61m, £8m of onerous lease provisi

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6 Apr 2010 16:29

London close: Footsie keeps climbing

The day was dominated by news that the general election will be held on May 6 following Prime Minister Gordon Brown's announcement, but Footsie was lifted higher by unrelated factors. Petrofac led the market higher on its first day of trading since demerging its UK Continental Shelf assets into a

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6 Apr 2010 14:23

London afternoon: Early gains dissipating

Footsie is still in the blue but the gains are slowly dribbling away on a day which, aside from the heavily trailed dissolution of Parliament, is light on news. Petrofac is leading the market higher on its first day of trading since demerging its UK Continental Shelf assets into a new company, Enqu

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6 Apr 2010 12:14

London midday: Stocks rise as poll date is confirmed

With official confirmation of a May 6 election date now received the market is enjoying an end to the uncertainty, though sentiment is tempered by the prospect of a hung parliament. Petrofac is leading the market higher on its first day of trading since demerging its UK Continental Shelf assets int

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