Findel Findel reports doubling of half-year profits in interim results

Online retailer and education company Findel saw its half-year pre-tax profits rise YoY from £7.54m ($8.5m) to £17.1m in the 26 weeks to 28 September. Findel also reported revenue of £228m for the period, up from £224.5m over the same time in 2017. CEO Phil Maudsley said much of the profit growth was driven by Findel's online value retailer brand, Studio.

North West Business Matthew Ord

Accrington-based online retail and education business Findel has more than doubled half-year profits after enjoying a period of "continued progress".

For the 26 weeks to 28 September 2018, the company reported revenue of £228m compared to £224.5m for the 26 weeks to 29 September 2017.

Pre-tax profits were also up from £7.54m to £17.1m.

Chief executive Phil Maudsley said: "This has been a period of continued progress and profit growth, driven by Studio's hugely attractive customer proposition as a digital first, value retailer.

"In particular, I am delighted to have seen more customers than ever choose to shop with Studio. More and more new customers are now recognising our incredible value, while our existing customer base is shopping more frequently and across an increased range of products."

Since the period-end, which involved a quieter Q2 period, trading has been strong. Sales have been driven by Express Gifts' most successful ever Black Friday campaign, with total revenue for that business having increased by 7.7 per cent.

"We have been pleased with the start to the second half, buoyed by a record-breaking Black Friday period, and we are well placed as we head into Christmas," said Maudsley. "Our expectations for the full-year remain unchanged."