Home shopping specialist Findel is eyeing growth for its Express Gifts business and boss Roger Siddle has declared its turnaround complete.
Siddle said: “We’re not fighting the fires of history any more. We’re now about growth and performance improvement.”
Findel’s biggest retail business, Express Gifts, has helped drive the turnaround of the retailer, which has trebled pre-tax profits in the past three years, and Siddle said that there was huge potential for growth.
Express Gifts, which sells a department store offer from the Ace and Studio websites and catalogues, could grow its 1.4 million customer base to up to 5 million, according to Siddle.
Findel has overhauled Express Gifts’ systems, which Siddle said would allow it to introduce more personalised offers and to improve its delivery options. It plans to introduce Amazon-style product recommendations over the next year.
Pre-tax profit before exceptionals jumped from £11.8m to £22m across the group as sales advanced 4.8% to £514.7m in its year to March 28.
Express Gifts sales increased 9.6% and operating profits surged 40.6%.
Despite the success of Express Gifts, the turnaround of its smaller businesses Kleeneze and sports etailer Kitbag, which also operates the retail operations of sports teams, leagues and brands across the world, will take longer than originally envisaged, said the retailer.
Kitbag’s losses escalated from £1.7m last year to £4.1m, although Siddle said it had made progress in renegotiating its unprofitable contracts. He said that reaching profitability next year is his aspiration for Kitbag.