Like-for-likes flat
Home shopping group Findel unveiled record sales, up 10 per cent to£580 million in its pre-close trading update for the year to March 31.

However, like-for-likes were flat, but the company expects underlying operating performance to be in line with expectations, following two acquisitions in its educational supplies and healthcare divisions.

Home shopping sales rose 5 per cent during the year and its customer base has grown to more than 1.5 million. Home shopping is a very different business to the one it was 12 months ago, Findel observed, and it believes more than 40 per cent of sales will be made over the internet this year.

The group said: 'An intense programme of reorganisation, relocation and rationalisation is under way. The division has also withdrawn from certain non-core activities through both sale and closure.'

Continued uncertainty surrounding Government financing has resulted in a difficult year for Findel's educational supplies division. However, the group acquired educational suppliers Philograph Publications for£1.3 million and hopes this will strengthen its market position.

Findel's healthcare division has been going through a period of consolidation and investment this year. The company has acquired healthcare support firm Synergy Managed Equipment Services for£1.4 million.

Findel continues to consider the demerger of one of its principal divisions and will report further on this 'in due course'.