Findel doubles profit but performance disappoints
Findel, the home shopping and educational supplies business based in Burley-in-Wharfedale near Ilkley, has more than doubled its full-year pretax profit.
But the company described the final results as disappointing in light of its previous expectations. However, it said it had made good progress during the year.
Findel reported a 16 per cent rise in sales and said its sales in the first six weeks in the new financial year were up five per cent from the same period last year.
Chairman Keith Chapman said: "The Group has made good progress during the year, even though the final result was disappointing in light of our previous expectations.
"All divisions have made positive sales progress in the first six weeks of the new financial year with overall sales some 5% ahead."
The firm blamed bad debts in its credit home shopping business for its lower-than-expected results.
Pretax profit rose to £34.0m from £16.4m, while sales from continuing operations grew to £634m from £546m.
The company lifted its final dividend by 12 per cent to 17.5p, taking the total dividend for the year to 22.2p.
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Last Updated:
15 May 2008 9:39 AM
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Source:
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Location:
Yorkshire
