In its report covering the 52 weeks to 28 March 2014, Findel revealed a steady improvement in its trading results with total group revenue up by 4.8 per cent to £514.7 million. The improvement was largely driven by its two largest business, Express Gifts and Findel Education. Express Gifts recorded 9.6 per cent growth in revenue and 41 per cent growth in operating profit whilst Findel Education delivered a 6.5 per cent increase in sales and a fourfold increase in its operating profit. These results were dampened by disappointing results from Kleeneze and Kitbag which together account for less than a quarter of total group revenue and whilst understood to be profitable, leave much room for improvement. Whilst Kitbag sales are very much linked to the success or otherwise of its sporting club partners, work is continuing on its turnaround. Meanwhile Kleeneze’s sales decline – 5.5 per cent, was largely due to a fall of 27 per cent in the number of active self employed agent/distributors.
At Express Gifts customer numbers were up 8.3 per cent over the previous year and bad debt charges lower at 10.2 per cent of sales versus 11.4 per cent at March 2013. Findel Education saw UK sales grow by 3.6 per cent and international sales record growth of 17 per cent.
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