Lower debt delivers interim profit at Findel

HOME shopping and educational supplies group Findel is expecting to post its first interim profit, before exceptionals, for six years.

However, in a trading statement it said sales during the period had been flat, but it had made “significant progress” in reducing overall debt.

The group, based in Hyde with operations across the region, said its largest division Express Gifts had a strong period in the six months to the end of September with sales up by 6%.

Findel said sales in the education supplies business were down 5% with uncertainties regarding school budgets hampering its prospects.

Chadderton-based sports retailer Kitbag saw sales rise by 7% and losses were “significantly reduced” thanks to renegotiated contracts. But sales were down 24% at the group’s homewares business Kleeneze. “A number of new options are being trialled and evaluated to improve performance,” said Findel.

Total borrowings stand at £224m, down £13m on a year ago.

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