11th Jan 2008 07:00
Findel PLC11 January 2008 11 January 2008 Findel plc ("the Group") Interim Management Statement and Trading Update The Board of Findel plc, one of the country's leading Home Shopping andEducational Supplies businesses, today releases the following Interim ManagementStatement. In the first 39 weeks ended 28 December 2007 the Group is pleased to haveachieved record sales up 23% with all divisions contributing to the increase. The Home Shopping division has continued to make excellent progress with sales32% ahead of the same period last year. Sales in the credit business ran closerto Christmas than has historically been the case driven by higher internetdemand which was 50% ahead of the same period last year. As a result, like forlike product sales in the credit business increased by 10% with total sales inthat business 8% ahead. The division is now achieving over 55% of sales beingtransacted over the internet. The Educational Supplies division continues to perform well with sales 7% aheadof the same period last year. In the Healthcare division sales in the first 39 weeks of the year were 12%ahead of the same period last year. Since the Interim Results announced on 29 November 2007 the Group has disposed of its toy wholesale business, James Galt & Co. Limited to Elmer's Products, Inc. for a cash consideration of £9m. The disposal was in line with the Group's strategy of focusing on its core home shopping and educational supplies businesses. In all other respects, there have been no significant changes in the financial position of the Group since the Interim Results. Outlook The Board believes that the Group is in a unique position with its highlyefficient home shopping business balanced by a strong and growing educationalbusiness. The Board continues to be excited by the prospects of the Group andlooks forward to a successful outcome to the full year. - Ends - For further information, please contact: Findel plc T: +44 (0) 1943 864686 Keith Chapman, Chairman Patrick Jolly, Chief Executive Chris Hinton, Finance Director Financial Dynamics T: +44 (0) 207 831 3113 Jonathon Brill/Billy Clegg/Caroline Stewart This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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