Flash note: Adjusted PBT broadly in line
The pre-close statement notes that Findel expects to report FY16 profit before tax and exceptional items broadly in line our expectations. Core net debt will also be in line with our estimates. We therefore leave our estimates unchanged. The signs on sales growth at Express and the restructuring in Education are encouraging and underpin our unchanged SOTP target of £3.Studio Retail Group plc, formerly Findel plc, operates in the home shopping and education supplies markets. The Company's segments include Express Gifts, Findel Education and Overseas Sourcing. The Express Gifts segment includes direct mail order businesses in the United Kingdom, offering online and through catalogue a range of home and leisure items, clothing, toys and gifts supported by credit offer. The Findel Education segment supplies resources and equipment (excluding information technology and publishing) to schools and educational establishments in the United Kingdom and overseas. The Overseas Sourcing segment includes sourcing office based in Hong Kong supplying importing services to various group companies and external customers. The Company's subsidiary Express Gifts Limited, includes Studio, an online and home catalogue shopping; Ace, an online store for home, living and garden needs, and Health & Home, an online store for beauty, home, office and garden accessories.
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