Roger Siddle, the chief executive of multititle catalogue group
Findel, said the business displayed
“remarkably resilient performance” in 2010. Although
revenue fell 2.6 percent from £547.0 million to £532.6
million, and operating profit dropped 18 percent from £32.6
million to £26.7 million, the company reduced its pretax
loss by 98 percent from £74.8 million last year to £1.4
million in the 52 weeks ended 1st April. He added that current
trading was in line with expectations and that he is confident
that “we now have in place the right platform to deliver a
much improved operational and financial performance”.
In related news, Findel-owned Kitbag, an online
retailer of retailer of sportswear and official football kits,
secured a contract with UEFA to manage the football association’s
Champions League online store for Europe and Asia. Kitbag already
manages the online retail operations for several football clubs,
including Everton, Manchester United, and Barcelona. In 2010/11,
Kitbag had revenues of £58 million, up from £48 million
last year. It made an operating profit of £1.87 million, up
8.7 percent from 2009/10.
HMV Group has agreed revised banking facilities
securing its short-term future. The deal sees HMV’s lenders take
a 5 percent stake in the business for a £220 million loan.
The Guardian writes that the agreement
effectively gives UK taxpayers a stake in the retailer.
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