Findel Findel saw revenues rise 6.5% to £213m
Findel saw like-for-like revenues rise 6.5% to £213m for the 27 weeks to end September 2016. Reported revenues for the Express Gifts division rose 18.7% and product revenues 12%; its customer base also grew by 12% over the period. Black Friday boosted the department's sales by 36% YoY. Meanwhile, like-for-like revenues in the Education division fell 5.4% and 4.2% on a reported basis and the group's overall pre-tax profits fell from £3.4m in the same period last year to £1.9m.

Findel has two divisions, Express Gifts, which includes discount clothing under the Studio fascia, and Education. Sports Direct boss Mike Ashley owns almost 30% of the business.

The Express Gifts division of the company saw product revenues up 12% and reported revenue up 18.7% for the period. The division’s customer base grew 12% for the period. Express Gifts also saw a Black Friday boost, with sales up 36% compared to the week last year.

However, the overall group’s profits before tax fell to £1.9m, down from £3.4m in the same period last year. Like-for like revenue in Findel’s second division Findel Education fell 5.4%, 4.2% on a reported basis.

Dave Sugden, executive chairman, commented: “The strong trading performance of Express Gifts is extremely encouraging. It represents continued delivery against our digital strategy and gives us confidence to further increase investment in marketing and customer recruitment.

“Looking ahead, we remain confident that the ongoing investment in both our businesses will deliver improved returns for shareholders.”