- Home shopping supplies group Findel reported total group revenue growth of 4.8% to £514.7m in the year to end-March.

Total Group profit before tax increased 87% to £22.0m (FY13: £11.8m).

Improvement driven by the two largest businesses, Express Gifts and Findel Education

o Particularly strong performance from Express Gifts which recorded 9.6% growth in revenue and 41% growth in operating profit. The division's operating margin increased from 8.3% to 10.6%

o Findel Education has turned a corner, delivering a 6.5% increase in sales and fourfold increase in operating profit*

o Kitbag performance challenging and lower profits from Kleeneze

o Substantial increase in Group operating profit margin*, up 170bps to 6.2%

· Strengthened financial position

o Core bank debt reduced by £23m to £97m

o Increased securitisation facility which is supporting Express Gifts' on-going growth

o Core bank facilities recently renegotiated to relax some of the restrictions and increase covenant and facility headroom from the onerous 2011 refinancing


· Considerable progress made during FY14 and the first phase of the turnaround plan has now been completed

· Continued focus on driving growth in the two largest businesses, particularly Express Gifts, and eliminating Kitbag's losses

· Strength of the two largest businesses provides confidence that further growth in profitability and reductions in legacy core net debt can be achieved

· On track to hit medium-term ambition of growing Group operating margin in the 7-9% range

· Significant potential for additional performance improvement to deliver further value for our stakeholders

Roger Siddle, Group CEO, commented:

"Over the past three years we have turned the Group around from its extremely difficult position through a clear focus on a series of 'self-help' plans. The strong results we are reporting today represent a year of transition for Findel as we make the move from a turnaround phase to one of continued growth and improvement. As we look ahead, there remains significant potential for additional performance improvement to deliver further value for our shareholders."

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