Home shopping group, Findel, has had a more challenging year than expected, with mixed results for its Express Gifts business and a tough period at Findel Education. The group sold Chadderton-headquartered sports merchandise retailer Kitbag to US sportswear retailer Fanatics Inc for approximately £14m in February 2016. Revenues from continuing operations were £410.6m for the year to March, up by 0.9 while pre-tax profit before exceptional items was £24.8m, down 11%. Exceptional items totalled £26.5m, £14.4m of which related to redress and refund provision at Express Gifts. The group said it expected sales growth in the second half of this year, but warned that “strong competition is likely to continue into 2015”. 14m will allow the company to focus on growing its two core businesses.
Home shopping group, Findel, has had a more challenging year than expected, with mixed results for its Express Gifts business and a tough period at Findel Education. Revenues from continuing operations were £410.6m for the year to March, up by 0.9 while pre-tax profit before exceptional items was £24.8m, down 11%. Exceptional items totalled £26.5m, £14.4m of which related to redress and refund provision at Express Gifts. The group said it expected sales growth in the second half of this year, but warned that “strong competition is likely to continue into 2015”. 14m will allow the company to focus on growing its two core businesses.