Findel has issued a profit warning and appointed new chief executive Phil Maudsley, formerly of the group’s Express Gifts division.

The group said in a pre-close update for the 53 weeks to March 31 that it anticipated 10% like-for-like growth but that pre-tax profits would be “slightly below the bottom of the range of consensus”.

It added, however, that it was “encouraged” by its outlook and that while it “remained watchful” of currency headwinds it “looked forward to delivering growth in the coming year”.

New appointments

Following Maudsley’s appointment, executive chairman Ian Burke is now non-executive chairman.

Maudsley was previously managing director of Express Gifts, the group’s online value business. He is succeeded in that role by Paul Kendrick, previously deputy managing director.

Burke said: “Phil is a strong and talented retailer who led the successful repositioning of Express Gifts from traditional catalogue based home shopping company to a leading online retailer.

“In addition, having served on the board since 2004, Phil’s understanding and insight into the education market positions him well to support the Findel Education team as they continue to deliver on the turnaround.”

Group finance director Tim Kowalksi has also departed. The search for his successor is now underway and group financial controller Stuart Caldwell is acting chief financial officer in the interim.

 

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