Findel - Christmas comes early
Findel’s management team is seeing early success from its self-help measures. While strongly positive interim results are partly the result of timing issues, the underlying point is that sales growth from an early Christmas launch has already been banked, improving visibility. The change of strategy at the Education division is also bearing early fruit, and at 66% online, Studio continues to make steady progress to becoming a fully online retailer. Neither that nor management’s progress on strategy is reflected in a P/E rating of around 10% of pure-play online retailers.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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