Findel pleased with progress as sales rise

FINDEL, the listed home shopping and education supplies group, says it is pleased with progress so far this year, with its two biggest divisions performing strongly.

The Hyde-based company, which has operations across the North West, said Express Gifts – its biggest business – had seen record sales over Christmas, followed by the education division, which supplies schools and colleges.

In a trading update covering the 16 weeks from September 28 last year to January 17, total sales are up 3.8%, an improvement on  the 3.4% rise reported for the eight weeks to November 22.

In the financial year-to-date, sales are 4.6% ahead of last year.

The directors said: “Overall, the group remains well on track to deliver another year of strong profit growth and meet its stated 2014/15 operating margin target range.”

The company added: “The board remains pleased with the progress of the group, both in terms of operating performance and capital structure.”

Strong performance at Express Gifts, which is based in Accrington, has seen a 6.9% surge in sales since the half-year. Growth has come from both new customers, and existing customers spending more.

In the Aston-under-Lyne headquartered education supplies division, Findel says there has been continued evidence of recovery during the division’s seasonally quiet period. Sales growth since the half year is 3.4%.

Both Kitbag – the online sports retailer – and door-to-door homewares business Kleeneze, have seen sales fall, and management is tackling performance in both units, the statement said.