Findel provided more evidence of the resilience of the home shopping sector with record interim sales and profits, up 33 per cent and 107 per cent to £298.3 million and £8.5 million respectively.
Findel chairman Keith Chapman said the retailer was “in the right place at the right time” and cited lack of high street exposure, a “strong and growing credit business” and internet strength as reasons for its success.
Numis, advising buy, said bad debt was “under control”. Seymour Pierce, with an outperform stance, said that the share price, at a year-low, made it a good opportunity to buy.
KBC Peel Hunt said: “We anticipate that the credit business will become an increasingly attractive offer to sub-prime consumers and, combined with the education business and well-positioned direct operation, should lead to a good out-turn in a weaker economy.”
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