Findel revenue up 4.8% to £479m

Hyde-based online retail and education firm Findel plc said its revenue rose 4.8% to £479 million and adjusted operating profit increased 15.4% to £36 million in the 52 weeks to March 30.

Shares of the home shopping company rose about 3%.

Findel CEO Phil Maudsley said: “This has been a year of good sales growth and improved profitability through our focus on delivering great-value products to our customers across all channels.

“The year has also seen significant progress against our strategic objectives and both businesses continue to transform their digital sales offering.

I am delighted to report that we have more customers shopping with Studio than ever before, that our Education business has seen a transformational shift in the last year towards online ordering, and that our improved results for FY18 were delivered without adjustment for individually significant items.

We are encouraged by the start to the new financial year from both businesses, and remain confident in the opportunities for future profitable growth.”

On current trading, Findel chairman Ian Burke said: “The early weeks of our financial year are always relatively quiet trading periods for our businesses. 

“However, the performance to date has been encouraging and in line with our expectations. 

“A fuller update on trading will be given at our AGM, which will be held at the end of July.”

On the outlook for Findel, Burke said: “We are confident in the medium-term prospects for the group, with Express Gifts able to see further growth in its customer base through its clear focus on providing great value products to its customers and transforming itself for a digital future. 

“Express Gifts aims to be forward-looking and proactive in its approach to financial services regulation and risk management to ensure that it achieves sustainable returns. 

“The operational turnaround of Education continues to show encouraging results, but we will learn more about the likely pace of translation into profit once the seasonal back-to-school peak period has been completed in September.

“We are encouraged by the start to the new financial year from both businesses, and remain confident in the opportunities for future profitable growth.”