Findel restates 2009 results following investigation

FINDEL today said pre-tax profits for last year would have to be reduced by £6.4m following an investigation into unsubstantiated accounting entries in its education division.

The announcement means that Burley-in-Wharfedale-based Findel’s results for the 12 months to April 3, 2009 now show pre-tax losses of £58.3m.

Benchmark profits have also been hit by £6.4m while net assets have also been reduced by £20.6m over the period.

Findel has previously said the discrepancies had come to light wthin its education division following changes within the management of that division, which is based in Tameside in the North West.

Findel said “no material issues” had been identified in any of its other divisions following the review of its accounts at April 3, 2009 and February 26, 2010 by KPMG.

The company, which specialises in home shopping and educational supplies, said there was no impact from the review on profit expectations for the year ended April 2, 2010.

Last month, Findel announced the sale of its subsidiary Webb to turnaround specialist Endless.