Findel reports second-half sales increase

- Second-half sales rise- Strong performance from express gifts and Education- On track to deliver full-year results Findel, the home shopping and education materials supplier, reported improved sales during the second half after a robust performance from its biggest businesses, express gifts and Education.The West Yorkshire-based firm said group sales rose 4.6% from September 28th to January 17th 2014 from the same period the prior year. Total sales since the half-year rose 3.8% ahead of the prior year. However shares of Findel fell almost 6% in early London trading after it cautioned that within its Education Supplies division, there remains an element of uncertainty with regard to buying patterns. "Academies and schools remain cautious with budgets ahead of the new curriculum in 2014," it said. Sales at Kitbag since the half-year fell 4.3% while sales at Kleeneze declined by 5.0%. Overall, Findel said it remains well on track to deliver another year of strong profit growth and meet its stated 2014/15 operating margin target range. Bad debt indicators at Express Gifts have remained stable since half-year, it said. Total debt at the end of December 2013 was £224.3m, down £19.8m since December 2012.Findel said it is on track to deliver full-year results in line with market expectations.CJ