5th Nov 2008 07:00
RNS Number : 4530H
Findel PLC
05 November 2008
5th November 2008
Findel plc
Trading Update
The Board of Findel plc, one of the country's leading Home Shopping and Educational Supplies businesses, today announces its trading update for the six months ended 30 September 2008.
Trading Update
Group sales for the first six months of the year are up 1% on the same period last year.
Home Shopping Division
Sales in the Home Shopping Division for the period to 30 September 2008 were 1% below the same period last year. Bad debt default rates in our Home Shopping Credit business remain firmly under control and in line with our forecasts.
Educational Supplies Division
Sales in the Education Division for the period to 30 September 2008 were 1% below the same period last year and were in line with our expectations.
Healthcare Division
The Healthcare Division has had a particularly strong start in the first six months of the year with sales 14% ahead of last year.
Gearing
The Group’s funding requirements are now past their peak and are forecast to reduce significantly over the next three years in line with the cash generation programme outlined earlier in the year. The Group’s current banking facilities are sufficient for its requirements and comprise a £250m revolving credit facility which is committed until September 2012, a £105m securitisation facility which is committed until March 2011, and a series of bilateral overdrafts provided by certain of the revolving credit facility banks.
Outlook
The Board believes that the Group has made a good start to the year in difficult economic conditions. Our Home Shopping Division has recognised the likely constraint on consumer spending and is managing expenditure accordingly. Approximately 40% of the Group’s annual income is derived from the Education and Healthcare divisions which are inherently more defensive in difficult economic times. A further trading update will be provided at the time of the announcement of the Group's interim results which it is intended to announce on 27th November 2008.
Ends
For further information please contact:
Patrick Jolly/Chris Hinton
Findel plc
Tel: 01943 864686
Jonathan Brill / Billy Clegg/Caroline Stewart
Financial Dynamics
Tel: 020 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange
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