In a trading update for the six months ended September 30, the Burley-in-Wharfedale firm said sales within its healthcare arm were 14 per cent ahead of last year.

In total, group sales for the first six months of the year were up one per cent on the same period last year. But sales within its educational supplies division and home shopping division were both down by one per cent.

The group said bad debts within the home shopping credit business remained firmly under control and in line with its forecasts.

Its funding requirements were now past their peak and due to reduce "significantly" over the course of the next three years.

It has also secured a £250m revolving credit facility until 2010 and a securitisation facility of £105m until 2011.

A statement by the firm said: "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.

Findel will announce its interim results on November 27.