Findel set for record results

FINDEL, the home shopping and educational supplies business, today said it expected to have achieved record sales of around £640m for its full financial year.

In a trading update for the year to March 31 the group, based in Burley-in-Wharfedale, said all divisions had contributed to the 17% year-on-year growth.

Findel said sales in its home shopping division were 23% ahead of the previous year, with internet sales accounting for 55% of sales in the division.

The home shopping division, which includes brands such as Letterbox, Cotswold and Confetti, has seen its customer base increase to more than £2.5m.

Sales in its credit business are around 6% higher than 2006/07.

Despite a flat market, Findel said its educational supplies business had seen 6% sales growth compared to the previous year.

Findel said sales were 15% up in its healthcare divison. The group said this was a notable achievement, given the Government's ongoing review of the way in which hospital discharge services are to be provided.

Chief executive Patrick Jolly said: “The board continues to believe Findel is in a unique position with its highly efficient home shopping business balanced by a strong and growing educational supplies division.

“The board is confident that the group is well positioned to grow and make further good progress in the new financial year.”

Findel reported record sales and profits during the first half of its 2007 financial year thanks to growing internet sales, including contracts to provide online stores to Formula 1 and the English Cricket Board.

Turnover in the six months to September 30 leapt 33% to £298.3m while pre-tax profits were £2.5m compared to a £23m loss for the same period in 2006.

The company sold its toy wholesale business, James Galt & Co, to Elmer's Products for £9m last year to focus on its core home shopping and educational supplies businesses.

Findel will announce its preliminary results for the full year on May 15.