Credit crunch beginning to affect Findel

BURLEY-IN-WHARFEDALE-based home shopping and educational supplies business Findel today warned of a drop in sales but said its performance was “satisfactory” for the current market.

The firm, which has been riding high despite the credit crunch, said group sales for the period ended January 2 were 4% below the same period last year.

Like-for-like sales in its home shopping division were down 6%, which Findel said reflected the current economic environment and a planned reduction in recruitment in the credit business.

Sales in the group’s educational supplies division were 3% down on the same period last year, although demand is cumulatively 1% ahead.

However, its healthcare arm put in a strong performance over the period with sales 14% ahead.

In November, Findel reported a rise in pre-tax profits for the six months ended September 30 from £2.5m to £5.7m.

The group said that its healthy first half performance was the result of careful management of it home shopping credit customer base, a focus on gaining market share in educational supplies, and an efficiency drive to help save on costs.