Findel reduces FY profits by £7m

2nd Nov 2010 14:36

Merchandise supplier Findel has cut its profit expectations this year by £7m.Delayed education projects- from a major international customer and a number of lesser contracts - will account for £3m of the shortfall. These contracts, if won, "will most likely fall into the next financial year."In addition, Findel will take a £4m write-off for property and currency moves.The group is engaged in mail order home shopping, educational supplies and healthcare equipment.Entering the key pre-Christmas trading period for its Home Shopping division, the group said "it is too early to be definitive about the performance".