In the six months to September 30, group sales at Findel – which include its educational supplies and healthcare divisions – were up 1 per cent on the same period last year.
Sales in the home shopping division fell 1 per cent on the comparable period last year. Findel said in a statement today that bad debt default rates in the home shopping credit business “remain firmly under control and in line with our forecasts.”
Findel said it has “made a good start to the year in difficult economic circumstances”. It added that the home shopping division “has recognised the likely constraint on consumer spending and is managing expenditure accordingly” without providing further details.
Findel said that its education and healthcare divisions – which represent 40 per cent of the group’s annual turnover – are more defensive than its home shopping division in challenging trading times.
Findel has forecast a “significant” reduction in its funding requirements over the next three years in line with the cash generation programme outlined earlier in the year.
It said that the group’s current banking facilities are sufficient for its requirements and comprise a£250 million revolving credit facility committed until September 2012, a£105 million securitisation facility committed until March 2011 and a series of bilateral overdrafts.
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