Good news for Findel shareholders

Online value retailer Findel will tell shareholders this afternoon that it has made a strong start to the year.

The Hyde-based business is holding its annual general meeting Blackburn’s The Dunkenhalgh Hotel, at 2pm, where it will update shareholders on trading for the 16-week period to July 20.

The group said both of its businesses traded in line with expectations, with total revenue up by approximately 8.5%.

Fiindel’s board will reveal that Express Gifts, the group’s largest business, grew revenue by around 11% in the period, driven by customer recruitment and, on an annualised basis, online ordering levels rose from 68% at the year end to 70%.

“This performance provides a strong platform ahead of the peak trading period later in the year,” said today’s statement.

Education saw its total revenue stablise in this period, with its customer base increasing for the first time in several years.

Online ordering levels have also risen since the end of the year, reaching 55% in recent weeks.

The group added that it has recently secured a one-year extension to its revolving bank facility, which will now mature on December 31, 2020.

Last month Findel announced results for the year to March 30, which revealed a rise in group revenues of 4.8% to £479m and a 15.4% jump in adjusted operating profits of £36m.

A £22.1m pre-tax profit compared with a pre-tax loss of £59.4m the previous year.