Findel losses widen 33%, omits divi

20th Jul 2010 08:16

Annual losses at home shopping group Findel widened by a third as it scraps its final dividend and warned current trading remains challenging.Loss before tax swelled to £76.1m in the year ended 2 April 2010 compared to a loss of £57.4m the year before. Sales fell to £547m from £572.1m after a poor performance at its Education Supplies division, which saw sales fall 15%.Chairman David Sugden said, "The past year was undoubtedly a challenging period. Since being appointed chairman, we have instigated a Full Potential Review, so we can return the group to profit growth."The group's trading performance, with the exception of the Education Supplies division, was "creditable in a difficult economic environment," it said.Its Home Shopping businesses maintained sales at the same level as the prior year, despite the difficult economic climate. Sales in its Healthcare division declined 2%.Findel said it will not pay a dividend for fiscal 2010.