Express Gifts boosts full-year results at Findel

4th Jun 2014 07:34

- Stellar performance at Express Gifts- First stage of turnaround plan on track- Overall current trading in line with company expectationsHome shopping and education materials supplier Findel recorded a robust set of full-year results, driven by a particularly strong performance from its Express Gifts division.Express Gifts booked a 9.6% increase in revenue and 41% growth in operating profit as operating margins at the division increased from 8.3% to 10.6%.Findel Education also enjoyed a strong performance with 6.5% increase in sales and fourfold increase in operating profit.Kitbag performance continued to be challenging while profits at Kleeneze declined, the group said.Findel, which is focused on driving growth in its two biggest businesses, particularly Express Gifts, and eliminating Kitbag's losses, said: "Considerable progress made during the full-year 2014 and the first phase of the turnaround plan has now been completed."Total pre-tax profit, from continuing operations before exceptional items, surged to £22m for the 52-week period ended March 28th from £11.8m the year before. Revenue climbed 4.8% to £514.7m. Chief Executive Roger Siddle said: "Over the past three years we have turned the group around from its extremely difficult position through a clear focus on a series of 'self-help' plans. "As we look ahead, there remains significant potential for additional performance improvement to deliver further value for our shareholders." Findel added that the early weeks of the new financial year have been relatively quiet trading periods for most of its businesses, with the change in timing of the Easter holiday period distorting comparisons with prior year in particular for Findel Education.Overall group performance remains in line with company expectations.CJ