Findel like-for-like revenues up 8.4%

Findel reports a strong first half, driven by successful customer recruitment programme.

Revenues rose to £226.0m in the 26 weeks to 29 Sep - up from £213.0m in the 27 weeks to the end of September last time.

Like-for-like revenue was up 8.4% on prior year, driven by successful customer recruitment programme at Express Gifts.

Adjusted pre-tax profit rose by £10.1m to £11.9m, assisted in part by intra-year timing differences and guidance for the full year remains unchanged.

Group chief executive Phil Maudsley said: 'We set out a clear set of objectives at the time of our full-year results in June and I'm delighted to report a period of strong delivery against those plans.

'Express Gifts continues to perform strongly via its strengthened Studio.co.uk brand.

'Market awareness of our exceptional value offer continues to grow, and our online value retail proposition is proving particularly attractive at a time of tighter household budgets in the UK.

'In particular, customers are responding well to improvements in the quality and price points across our clothing offer encouraging customers to shop more frequently.

'We are encouraged by the initial response to our operational plan for Education in recent weeks.

'The majority of the Group's revenue is generated in the second half, and our peak trading period, including Black Friday, is performing well against strong comparators.

'We are on track to deliver against our plan for profitable growth.'