Findel FY10 Loss Widens By 33%, Skips Dividend

20th Jul 2010 08:07

LONDON (Dow Jones)--Findel PLC (FDL.LN), a U.K.-based home shopping and educational supplies business, said Tuesday its pretax loss for fiscal 2010 widened by 33% and added that it will not pay a dividend for fiscal 2010 and does not expect to declare a dividend for the current financial year as well since it believes that the cash generated should be used to pay down debt and invest in operations. MAIN FACTS: -Sales for the period ended April 2 from continuing operations GBP547.0 million (2009: GBP572.1 million) -Pretax loss GBP76.1 million (2009: loss GBP57.4 million) -Diluted loss per share 20.02 pence (2009: 38.89 pence) -Net debt GBP309.6 million (2009: GBP376.1 million) -Benchmark operating profit GBP36.2 million (2009: GBP48.4 million) -Benchmark pretax profit GBP13.8 million (2009: GBP29.2 million) -Benchmark earnings per share 2.60 pence (2009: 17.36 pence) -Net cash inflow GBP59.4 million -Group was broadly cash neutral for the year at a trading level -Current trading remains challenging -Performance in the first quarter of the current year has shown resilience although the key peak trading periods for Home Shopping and Education Supplies businesses are still to come. -Higher interest charges to impact the current financial year -Shares on Monday closed at 16.6 pence, valuing the company at GBP82 million -By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, [email protected] Order free Annual Report for Findel PLC Visit http://djnweurope.ar.wilink.com/?ticker=GB0003374070 or call +44 (0)208 391 6028 (END) Dow Jones Newswires July 20, 2010 03:07 ET (07:07 GMT)