Findel's full year losses increase

In the year to April 2 2010, sales from continuing operations were down 4 per cent to 547m.

The statutory loss before tax was 76.1m, compared to a restated figure of 57.4m the year before.

The company's net debt was 309.6m, down from 376.1m in the previous year.

In a statement, Findel, which is based in Burley-in-Wharfedale, West Yorkshire, said the trading performance of the group's continuing operations was, with the exception of the education supplies division, creditable in a difficult economic environment.

The company said there had also been the discovery of unsubstantiated accounting entries in its education supplies division. A full scale review had been conducted, and corrective action had been taken, the company said.

David Sugden, the chairman of Findel, said: "The past year was undoubtedly a challenging period for the group. Since being appointed chairman, we have instigated a full potential review of all the group's continuing operations, with the intention to complete this review as quickly as possible so we can return the group to profit growth.

"I am encouraged by the strength of the group's continuing businesses and we have a portfolio including profitable, cash generative businesses with significant potential for improved performance. As this year progresses, we will implement the actions identified within the full potential review to achieve an improvement in group performance."