Findel has declared an interim half year profit, its first for six years. the parent company of Express Gifts, Kleeneze, Findel Education and Kitbag is understood to be on track for a strong year. Its half year sales to September 26th came in at £244.1 million, up from £243.6 million last year with pre-tax profits at £1.5 million against a £400,000 loss in the same half in 2013. Express Gifts had seen sales increase by 6.3 per cent and Kitbag rise by 7.6 per cent to £34 million. Its education arm fared less positively, experiencing a drop of 5 per cent sales to £60.9 million and at Kleeneze sales had fallen by 23.9 per cent to £17.9 million.
The board at Findel has commenced a full strategic review of the Kitbag business with a view to either finding a buyer at the right price or investing in the brand itself. Kitbag operates the official online stores for Manchester United, Real Madrid, and Manchester City amongst others but is still running at an operating loss, albeit reducing – £1.5 million in this most recent half against £2.9 million for the first half of 2013.
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