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 after the year end for £24m) up by 6.5% to £491.2m. The direct mail-order division, Express Gifts, Findel's largest business which accounted for just under a half of group revenue (at £272m), was the standout performer growing sales by 13.4% as the company said that its improved offer in terms of value and range continued to prove attractive to customers.With the exception of marketing division Kleeneze which performed under expectations, the group said that all businesses contributed to an increase in operating profit with total group operating profit 20% higher at £25.1m and operating profit from continuing operations 20% ahead at £22.4m. Profit before tax for the total group grew by 45% to £15.5m, whilst profit before tax from continuing businesses grew by 53% to £12.9m. At the same time, core net debt at the year-end was reduced by £11.6m to £120.2m, excluding the benefit of the Healthcare disposal proceeds received after that date.The group reported that the profit before tax for the year was markedly higher through "improved operating profit and tight controls on debt and associated interest charges". Roger Siddle, Group Chief Executive of Findel, commented: "These are very encouraging results that illustrate the extent of the progress that has been made in turning around the group's operations over the last two years. We achieved a 20% growth in total group operating profit and 45% growth in profit before tax." He added: "Given the scale of the opportunity we see in the business, we have set ourselves clear targets. Current trading remains encouraging and we are confident of making further significant progress in the coming year," he said.Findel's share price was up 8.75% to 174p at 09:45 on Wednesday.MF