9 May 2019
Findel plc ("Findel" or the "Group")
Findel, the online value retailer and education business, gives the following update on trading following the close of its financial year to 29 March 2019.
Studio saw good trading in the seasonally quieter weeks of Q4, with garden ranges benefitting from the warmer weather in early February and homeware ranges trading well throughout. Collections and recoveries from credit receivables have been in line with plan.
Education saw an acceleration of its customer recruitment during Q4 and a further increase in online ordering levels, which is encouraging as we go into the new financial year.
The draft unaudited results show that the full-year PBT1 for the year ended 29 March 2019 is slightly above current market expectations of £27 to £28 million.
The Group's core net debt2 ended March 2019 at c. £57m, down from £73.8m at the end of March 2018.
The Group's audited results are scheduled to be announced on Wednesday 5 June 2019.
For further information please contact:
Phil Maudsley, Group CEO
Stuart Caldwell, Group CFO
0161 303 3465
020 7353 4200
1: Before fair value movements on derivatives and individually significant items
2: Bank debt excluding securitisation borrowings and finance leases, net of cash in hand
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