Findel sees lower profits

23rd Apr 2010 07:42

Home shopping firm Findel said benchmark pre-tax profit will be lower than previously expected due to difficult market condition at its educational supplies division.The group also said full year results will include intangible impairment charges of approximately £61m, £8m of onerous lease provisions in respect to properties vacated and general restructuring charges of £12m. The charges will not have a cash impact, it said.Benchmark profit before tax will be between £16m -£17.5m after the group's educational supplies division expectations were hit by a decline in sales. Trading performance at Home Shopping and Healthcare divisions were in line with expectations. The group expects sales from continuing operations to rise 1% to approximately £582m.