Strong first half for Findel

Multi-channel home shopping company Findel has reported a strong first half, driven by a successful customer recruitment programme.

Revenues at the Greater Manchester company rose to £226m in the 26 weeks to September 29, up from £213m in the comparable period in 2016.

Like-for-like revenue was up 8.4% on prior year, driven by successful customer recruitment programme at Express Gifts.

Adjusted pre-tax profit rose by £10.1m to £11.9m, assisted in part by intra-year timing differences.

Strong sales performance in the first-half with Group like-for-like* revenue up 8.4% on prior year (reported revenue up 6.1%), driven by successful customer recruitment programme at Express Gifts

Phil Maudsley, who was appointed group CEO in April, said: “We set out a clear set of objectives at the time of our full-year results in June and I’m delighted to report a period of strong delivery against those plans.

“Express Gifts continues to perform strongly via its strengthened Studio.co.uk brand. Market awareness of our exceptional value offer continues to grow, and our online value retail proposition is proving particularly attractive at a time of tighter household budgets in the UK. In particular, customers are responding well to improvements in the quality and price points across our clothing offer encouraging customers to shop more frequently.

“We are encouraged by the initial response to our operational plan for Education in recent weeks.

“The majority of the group’s revenue is generated in the second half, and our peak trading period, including Black Friday, is performing well against strong comparators. We are on track to deliver against our plan for profitable growth.”