Retailer and educational supplier Findel has reported a fall in revenue in its education division for the year ended 25 March 2016. Sales fell from £102.8 million in 2015 to £94.4 million this year, while operating profit stood at £3.2 million, down from £4.2 million. Chairman David Sugden attributed the decline to “challenging market conditions in the new financial year, with spending levels from schools remaining constrained”. Overall, group revenue rose 0.9% from £406.9 million to £410.6 million but profits before tax fell 10.6%, from £27.7 million to £24.8 million. The firm’s largest division, the personal shopping business Express Gifts, posted sales of £224.8 million, representing growth of 2.3%. Sugden will retire as chairman at the upcoming annual general meeting and the search for his replacement is underway. The Scottish company is one of the largest independent suppliers of resources and equipment to schools in the UK, although it makes most of its money in retail. Findel sold merchandise retailer Kitbag to US sportswear retailer Fanatics for approximately £14 million in February 2016.
Findel reported sales of £94.4m for the year ended March 25, 2016, down from £102.8m the previous year with operating profit £1m lower at £3.2m. While group revenue rose 0.9% to £410.6m, pre-tax profits slipped 10.6% to £24.8m. The company said it was “disappointed” by its results and would review how it spent money in future.