Findel chief executive Patrick Jolly has said the home shopping group may benefit from the UK credit crunch as it announced record first-half sales and profits.

Group sales, which include its educational supplies division, rocketed 33 per cent to£298.3 million in the six months to September 30. Benchmark pre-tax profits – those before the results of businesses sold or terminated and other one-off items – were up 107 per cent to£8.5 million.

Findel's home shopping division reported a 59 per cent uplift in sales to£176.5 million, with like-for-like growth of 9 per cent.

Jolly told Retail Week: “There is definitely a defensive quality in home shopping. A large part of our business is the credit business and we are good at managing bad debt.”

Trading in the 34 weeks to November 23, which includes the run-up to Christmas, climbed 7 per cent.

Growth at the home shopping division was driven by a strong performance from the credit business and growth at Findel Direct, which includes brands such as Letterbox, Cotswold and Confetti. Sales via the internet now account for more than half of divisional sales.

Jolly revealed that the business will continue to be acquisitive and integrate brands further. Kitbag will develop two e-commerce sites, with the English Cricket Board and Formula One.

He said “never say never” to a demerger of the business, but added that Findel's retail division is balanced by its "strong blue chip education business".

Kaupthing analyst Matthew McEachran said: “We re-iterate our positive stance, with next year’s rating just 9x, despite the upgrade potential and despite a clear grip that it has on retail debtors and credit income.”