Hyde-headquartered home shopping group Findel has experienced a "more challenging year than expected" characterised by mixed results its Express Gifts business and a difficult period at Findel Education. The company has posted revenues from continuing operations of £410.6m for year to 25 March 2016, up by 0.9 per cent on a year earlier. The group sold Chadderton-headquartered sports merchandise retailer Kitbag to US sportswear retailer Fanatics Inc for approximately £14m in February 2016. Findel also posted pre-tax profits before exceptional items from continuing operations of £24.8m, down by 11 per cent on a year earlier. Exceptional items totalled £26.5m during the year, of which £14.4m relates to customer redress and refund provisions at Express Gifts, £5.6m to the warehouse consolidation project for Findel Education, and £4.3m for an increase in provision for impaired receivables in Express Gifts. According to the group, Express Gifts saw a mixed performance during the year but ended strongly. And Findel Education had a difficult year reflecting market conditions, but is on plan to deliver its transformational programme. David Sugden, executive chairman of Findel who is stepping down at the upcoming annual general meeting, said: "In terms of financial performance, last year was more challenging than we expected. However, considerable progress has been made in strengthening the group in a number of areas that will improve longer term prospects. "We now have a well-financed group focused solely on the growth of two core businesses - Express Gifts and Findel Education. We believe that this represents a turning point in the development of Findel, as, with the successful sale of Kitbag, we can now focus entirely on generating enhanced shareholder value from strong organic growth in our two core businesses. "With the progress made in the business fundamentals, together with the actions we have taken to address last year's profit performance, we are confident that we will return to profitable growth in the current and future years."
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. David Sugden, executive chairman of Findel, believes the recent sale of Kitbag for around £14m will allow the company to focus on growing its two core businesses.