Home shopping group Findel has reported full year sales up 1% to £582m but said it pre-tax profits would be below expectations after a review of some of its accounting entries.
It said that trading in its home shopping division had been in line with expectations with a new clothing range and improving default levels due to tighter credit management helping sales.
Findel expects benchmark profit before tax for the year to April 2 to be between £16m and £17.5m.
The benchmark profit result excludes exceptional charges such as the £12m costs of its refinancing or impairment charges of on intangible assets in its I Want One of Those, Confetti and Webb divisions.
The Group’s net debt at April 2 was in line with expectation at £310m.