Member Article

Hyde-based Findel reports large losses

Findel, the home shopping and education business, has announced its results for the 52 week period ended 27 March 2015.

The stats

Profit before tax from continuing operations up 28% to £26.5m however after exceptional items loss for the year was £25.3m, the previous year the company was in profit by £500k after exceptional items.

The analysis

The group’s struggling Kleeneze business was sold for a cash consideration of £3.4m, the business produced a net loss before tax of £19.3m.

The comment

Chairman of Findel, David Sugden, said: “These results represent another year of progress for Findel, with Express Gifts continuing to drive the Group forward.

“There remains significant opportunity for further growth within this business as we continue to grow the depth and breadth of our ranges and improve the customer experience.

“We are confident that the new management team in place at Findel Education, together with a sharper market focus, will deliver an improvement in performance over the medium-term.

“Kitbag has delivered a substantial recovery and has started to capitalise on the significant growth opportunities open to the business.

“Overall, we expect to achieve further profit growth, which together with a further reduction in core debt, will deliver improved returns for shareholders.”

The summary

A difficult year for the home shopping company with large losses due to exceptional items.

This was posted in Bdaily's Members' News section by Sophia Taha .