15th Jan 2014 10:51
LONDON (Alliance News) - UK home shopping and education business Findel PLC Wednesday said that it has increased its securitisation facility for its Express Gifts division.
Express Gifts is the group's direct mail-order business and largest segment, and has been the driving force behind the group's recent trading performance, as it said it narrowed its losses and increased revenues in the six months ended September 28 2013.
Findel said that the increased securitisation facility provides a more appropriate source of funding, and will help support ongoing growth in the business.
It said that there has been no change to its revolving credit facilities, known as core net debt, and therefore represents an increase in the total borrowing facilities available to the group.
"Express Gifts, our largest business, has delivered strong year-on-year growth throughout our turnaround, underpinning the recovery of the Group. This change reflects continuing progress in restoring our lenders' confidence in the Group's financial position," said Group Finance Director Tim Kowalski in a statement.
Findel shares rose 3.3% Wednesday morning, to be trading at 295.29 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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