Findel Makes Strong Start To Year With Both Businesses Trading In Line

LONDON (Alliance News) - Online value retailer Findel PLC said on Thursday, ahead of its annual general meeting, that it has made a "strong start" to the year.

Both businesses have traded in line with expectations for the sixteen weeks to July 20, Findel said, with total revenue up 8.5%.

The group's largest business, Express Gifts, saw revenue up 11% in the period, driven by customer recruitment and, on an annualised basis, online ordering levels rose from 68% at the year end to 70%.

"This performance provides a strong platform ahead of the peak trading period later in the year," commented Findel.

Education saw revenue "stabilise" in the period, with its customer base increasing for "the first time in several years". Online ordering levels have also risen since the end of the year, the company said, reaching 55% in recent weeks.

Findel added that it recently secured a one-year extension to its revolving bank facility, which will now mature at the end of 2020.

Shares in Findel were up 4.5% at 305.00 pence on Thursday.