Findel PLC Trading Statement (8574C)
25 January 2018 - 6:00PM
UK Regulatory
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RNS Number : 8574C
Findel PLC
25 January 2018
25 January 2018
Findel plc ("Findel" or "the Group")
Trading statement
Strong Christmas online trading underpins drive to profit
growth
Findel, the online value retail and education business, today
issues a trading update covering the 42-week period ended 19
January 2018.
Express Gifts had a record Christmas sales performance, with
momentum built from a strong Black Friday campaign. Year to date
product sales have grown by 11.0% in line with our plans. The
active customer base ended the calendar year at 1.8m, up 15% on the
previous year, aided by a strategy of carefully targeted TV and
online marketing. Online ordering levels during Q3 averaged 72%, up
from 65% in the previous year.
The proportion of credit account customers remained strong, with
interest-earning balances ending December up 13.7% on the prior
year, positioning the business well for the key upcoming months for
financial services revenues and collections.
Findel Education continues to see encouraging trends from its
turnaround strategy focussed upon increased online trading and
price competitiveness.
Net debt ended December 2017 at GBP76.7m, down by GBP5.1m from
the previous year, despite strong growth in Express Gifts'
receivables and outflows from the legacy customer refund programme
which remain on track.
While early trading in the traditionally quiet month of January
has been slightly slower than anticipated, the further
strengthening of our online value retail proposition leaves us
well-placed against the current consumer backdrop. The Group
remains on track to deliver a full year performance in line with
market expectations.
Enquiries
Findel plc 0161 303 3465
Phil Maudsley, Group CEO
Stuart Caldwell, Group CFO
Tulchan Communications 020 7353 4200
Susanna Voyle
Will Smith
Notes to Editors
The Findel group contains market leading businesses in the UK
home shopping and education supplies markets. It is primarily a
retailer and distributor, handling and supplying specialist
products manufactured by third parties.
The Group's activities are focused in two main operating
segments:
-- Express Gifts - one of the largest direct mail order
businesses in the UK, primarily trading via the Studio.co.uk brand;
and
-- Findel Education - the second largest listed independent
supplier of resources and equipment (excluding information
technology and publishing) to schools in the UK.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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