Findel stays in line with forecasts

 HOME shopping, education and healthcare products supplier Findel today said it expects its full year results to be in line with forecasts.

 Group sales for the year to March 30 are expected to be approximately 1.1% ahead of the previous year, with the rate of sales growth in the second half being around 2.4%. 

 In a pre-close trading statement Findel, which was formerly headquartered in Yorkshire before relocating its head office to Hyde, Greater Manchester, said trading in each of the group’s businesses during the final quarter of the year had remained in line with recent trends.

However, despite Findel’s largest business, Express Gifts, showing strong performance, there have been declining sales in curricular brands within Education Supplies.

Findel said it expects full-year profit before tax before terminated operations and exceptional items to be within range of market expectations. 

The group’s bank debt is expected to end the year in line with the previous year.

Findel expects to incur around £8m of exceptional costs over its second half, associated with further management changes, continued rationalisation of property and other restructuring including addressing legacy issues within its Kitbag business.

“Although some of our businesses need to improve their overall performance, the board continues to be encouraged by the progress made by the group in its ‘Full Potential’ turnaround plan, particularly at our largest business, Express Gifts,” Findel said.