StockMarketWire.com - UK home shopping and education business Findel posts first half pre-tax losses of £0.4m - down from £6.0m last time.

Revenues rose to £243.6m from £231.7m and the group says it is on track for strong full-year profit growth.

Group chief executive Roger Siddle said: "We are very encouraged by these results and the sustained progress against our turnaround plans. In particular, Express Gifts has started the Christmas period strongly and is well positioned to take advantage of the busy period ahead. Education Supplies continues to strengthen with a significant improvement over prior year.

"These interim results represent the fourth consecutive half-year period of year-on-year revenue growth since launching our turnaround plan three years ago. Express Gifts and Education, some 75% of Group revenues combined, are seeing improved momentum whilst Kitbag and Kleeneze still need to show progress. We see further potential in all Group companies and as a management team we are very focused on ensuring these businesses fulfil their potential in the coming years.

"Overall, we are delivering the turnaround and deleveraging the business, remaining on track to hit our 7-9% operating margin targets in 2014-15."






Story provided by StockMarketWire.com