22nd Sep 2009 07:00
For Immediate Release: 22 September 2009
Findel plc ("Findel" or the "Company")
AGM Statement and Trading Update
At the Company's Annual General Meeting to be held today, Keith Chapman, Executive Chairman of Findel, will make the following statement:
"We continue to operate in challenging times and, as anticipated by management, like for like sales from continuing operations of the Group for the first 23 weeks of the financial year are 5% below the same period last year. In line with our stated strategy, the Group has continued to focus on cash generation to further reduce net debt.
The Home Shopping division has had a satisfactory start to the new season albeit from a lower customer base, following last year's strategic decision to scale back recruitment. The early recruitment campaigns for this year are going well, with the business experiencing an encouraging increase in average order value.
The Education Supplies division continues to experience difficult trading conditions caused predominately by uncertainty over public sector funding. The division is adapting to current market conditions and a number of efficiencies have been identified and are being implemented while further cost savings and market initiatives are also being planned. These will go some way to help mitigate the effect of lower sales over time.
We were pleased to recently welcome Eric Tracey and David Sugden as non-executive Directors, both with strong experience that will further strengthen the Board."
The Company will announce its Interim Results on 3 December 2009.
For further information, please contact:
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Findel plc Keith Chapman, Chairman Patrick Jolly, Chief Executive Chris Hinton, Finance Director |
+44 (0)1943 864686 |
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Financial Dynamics Jonathon Brill / Billy Clegg / Caroline Stewart |
+44 (0)20 7831 3113 |
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