29 November 2011 – interim results
The home shopping and educational supplies group Findel has announced encouraging interim results covering the six months to 30 September. Revenues on continuing operations were broadly maintained at £254.6m (2010: £255.8m) whilst the adjusted loss before tax was £5.6m (2010: £3.1m). Net debt at the end of the period had fallen to £256.9m (2010: £336.8m) and net assets have increased to £106.7m (2010: £0.7m). The group’s three year turnaround plan is underway with some encouraging signs following the successful refinancing of March 2011 and a stable financial platform is now in place. The group has halted three years of sales decline in its continuing operations led by Express Gifts which increased sales in the first half by 4.9%. Trading since the period end has been good although the important Christmas period is still to come. Although early days in the group’s recovery, it now seems possible that the worst days are indeed behind it and the shares have long-term attractions. SPECULATIVE LONG TERM BUY.