2nd Oct 2007 07:00
Findel PLC02 October 2007 2 October 2007 Findel plc Corporate Update and Board Change The Board of Findel plc, one of the country's leading Home Shopping andEducational Supplies businesses, today announces an update on corporate mattersincluding trading for the six months ended 30 September 2007. The Board alsoannounces the appointment of Chris Hinton as Group Finance Director and theretirement of David Dutton. Trading Update The Group has achieved record sales in the first six months of the current yearwhich are up 32% with all divisions contributing to the increase. Home Shopping Division Strong sales in the Home Shopping division have continued throughout the periodwith overall like for like product sales in the credit business up by 11% andtotal sales in that business 9% ahead. Divisional sales are a healthy 59% aheadof last year with over 50% of orders coming through the Internet. Educational Supplies Division In a relatively flat market the Educational Supplies division succeeded ingaining market share in the first six months of the new year. Sales are 7% aheadof those for the same period last year. Healthcare Division In the Healthcare division sales in the first six months of the year are 4%ahead of last year. Board Changes David Dutton who has served the group for 21 years has today retired as GroupFinance Director. David has given many years valuable service to the Group andleaves with the Board's thanks and best wishes for the future. The Board is pleased to announce today the appointment of Chris Hinton as GroupFinance Director. Chris is 37, is a Chartered Accountant and was previously Group Finance Directorof Lorien plc with responsibility for all aspects of Finance, IT and HR. Chrishas a strong background in corporate finance both from a transactional andintegration perspective. David will also remain available to the Group as a consultant to ensure a smoothhandover of responsibilities. Chris Hinton does not have an interest in the ordinary shares of the Company.There are no matters to be disclosed under paragraph 9.6.13 of the FSA ListingRules. Renewed Revolving Credit Facilities In August the Group renewed its revolving credit facilities with its syndicateof banks for a further 5 year term on significantly better terms than theprevious facility. On renewal the facilities were extended from £200m to £250mto allow headroom for future expansion. Participation in the renewal wasmaterially oversubscribed by the banks. The Group continues to maintain a securitisation facility in relation to itsHome Shopping debtor book which has operated smoothly during recent marketconditions. The securitisation lead bank has confirmed that the facility isprovided by a vehicle that has no exposure to US sub-prime mortgages and that itis additionally supported by a stand by bank liquidity facility provided by aninternationally recognised top rated banking institution that would remainavailable in the event that the commercial paper market was unavailable tore-invest in maturing commercial paper. Demerger The Board, in conjunction with its advisors, has concluded the strategic reviewinitiated last year. Both the Home Shopping and Educational Supplies divisionsare operating well within the existing Group structure and the Board does notbelieve that in the current markets their performance or shareholder value wouldbe enhanced by adopting a revised corporate structure. Outlook The Board is delighted with the progress made in the year to date which supportsits belief that the Group is well positioned to make further good progress inthe full year. The Group expects to announce its interim results on 29thNovember 2007. - Ends - For further information please contact: Patrick Jolly, Chief Executive Keith Chapman, Chairman Findel plc Tel: 01943 864686 Jonathan Brill / Billy Clegg Financial Dynamics Tel: 020 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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