Findel pre-tax profit surges 45% as the home shopping group drives through its turnaround strategy

Pre-tax profit, before exceptionals, rose to £15.5m in its year to March 29, as group sales advanced 8% to £580.6m.

Findel benefited from a “particularly strong” performance from Express Gifts, which grew revenue 13.4%.

Findel group chief executive Roger Siddle said: “These are very encouraging results that illustrate the extent of the progress that has been made in turning around the group’s operations over the last two years. 

“Given the scale of the opportunity we see in the business, we have set ourselves clear targets.  Current trading remains encouraging and we are confident of making further significant progress in the coming year.”

The retailer said the momentum had continued into its current year. The group sold its healthcare division in April which will reduce its borrowing in its current year.