4th Jul 2005 14:07
Findel PLC4 July 2005 FOR IMMEDIATE RELEASE 4 JULY 2005 FINDEL PLC AGM Trading Statement At today's Annual General Meeting, Keith Chapman, Chairman, made the following statement to shareholders: Trading in the new financial year is in line with the Group's expectations. Inthe first 14 weeks of the current year Group sales have increased by 30%against the same period last year, with like-for-like sales growing by 6%.Although this period represents only a small proportion of full year activity,it is pleasing to report a satisfactory start and one which supports ourconfidence for the full year. The Home Shopping division continues to make good progress despite the generalweakness reported in the retail sector. Sales in the period grew by 6% againstchallenging comparatives. In the Educational Supplies Division, the two acquisitions made by the Grouplast year are performing above expectations, and total sales for the divisionover the period have increased by 56%. School spending nevertheless remainssubdued in the light of uncertainties surrounding the costs of implementing theGovernment's Workforce Reform proposals, and like for like sales in the periodincreased by 2%. A Government decision on the final format of the new threeyear school budgets will be announced during this summer, and is expected toimprove schools' confidence in their funding position. The restructuring of thedivision is proceeding, and remains on track for completion in accordance withthe planned costs and timetable. For further information please contact: Keith Chapman, Chairman, Findel p.l.c. 01943 864686 David Dutton, Finance Director, Findel p.l.c. 01943 864686 Jonathan Rooper, Cardew Group 020 7930 0777 This information is provided by RNS The company news service from the London Stock Exchange ENDRelated Shares:
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