Findel focusing on cash

FINDEL shareholders will be told that the company is continuing to focus on cash generation to reduce net debt.

The home shopping and educational supplies company, which is holding its annual general meeting today, reported that like-for-like sales from continuing operations for the first 23 weeks of the financial year are down 5% as expected.

Its home shopping had a “satisfactory start” to the new season albeit from a lower customer based following last year’s decision to scale back on recruitment. It owns Middleton-based online retailer Kitbag, which it is rumoured to be willing to sell.

The Tameside-based education supplies division however is continuing to experience difficult trading conditions caused mostly by uncertainty over public sector funding.

Findel, which in August announced the successful share raising of £81m through an equity issue, said the division is adapting to current market conditions and a number of efficiencies are being implemented.

The company also announced the appointment of Eric Tracey and David Sugden as non-executive directors.

Findel will announce its interim results on December 3.