Findel PLC Trading Statement (2646E)
17 October 2018 - 5:00PM
UK Regulatory
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RNS Number : 2646E
Findel PLC
17 October 2018
17 October 2018
Findel plc ("Findel" or "the Group")
Trading Statement
Findel, the online value retailer and education supplies
business, gives the following post-close trading update ahead of
its interim results announcement on 28(th) November 2018.
Express Gifts, trading as "Studio", is the Group's largest
business and grew revenue by 8% in the first 28 weeks of the year
(a period which takes into account the changes to marketing
activities across the half-year in 2017 due to the implementation
of the Financier platform in early October 2017). Whilst growth in
Q2 was slower than Q1, we have seen a much stronger response from
customers in recent weeks as we start the peak trading period ahead
of Black Friday and the Christmas period. Our expectations for
full-year progress on revenue, margin and profit remain
unchanged.
Education has continued to make good progress with its
operational turnaround. Its core UK customer base has grown by 4%
over the last year, driven by its online value proposition which
has seen online ordering levels rise from around 20% in September
2017 to over 55% now. Our full-year profit expectations for both
Education and the Group as a whole remain unchanged.
Core net debt for the Group at the end of September 2018 was
c.GBP81m, being c.GBP9m lower than September 2017, and our
expectations for net debt at the year-end remain unchanged. We are
also approaching the end of our legacy customer redress programme,
which continues to perform in line with existing provisions.
Enquiries
Findel plc
Stuart Caldwell
Phil Maudsley
0161 303 3465
Tulchan Communications LLP
Catherine James
Will Smith
020 7353 4200
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END
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