Findel has revealed a full-year pre-tax loss of £1.7m, but sales edged up helped by the performance of its Express Gifts business.
- Full-year pre-tax losses £1.7m after expeptionals
- Group sales up 2.8% to £484.1m
- Kitbag losses narrow to £1.2m
The home shopping and education group posted pre-tax losses from continuing operations of £1.7m in the 52 weeks to the end of March, after profits of £5.6m the prior year. Before exceptionals, the group recorded a pre-tax profit of £26.5m.
Sales at the Express Gifts business climbed 4.7% to £302m, while profits were up 9% to £33.5m
The Findel Education business suffered with sales falling 6.5%, but pre-exceptional profits came in at £4.2m helped by “tighter cost controls”.
Findel said its Kitbag business saw its losses narrow to £1.2m, as sales rose 11.7% to £74.5m.
Operating margins across Findel’s businesses rose from 6.5% to 7.6%.
Findel has had a positive start to this financial year, with group sales in the first 11 weeks up 3.3%.
Findel chairman David Sugden said: “These results represent another year of progress for Findel, with Express Gifts continuing to drive the group forward.
“We are confident that the new management team in place at Findel Education, together with a sharper market focus, will deliver an improvement in performance over the medium-term. Kitbag has delivered a substantial recovery and has started to capitalise on the significant growth opportunities open to the business.
He added: “Overall, we expect to achieve further profit growth, which together with a further reduction in core debt, will deliver improved returns for shareholders.”