Findel - Strategy delivering impressive results
Findel’s (FDL’s) digital-first and value-led strategy has helped it to deliver a robust FY19 trading performance and 17.7% increase in underlying PBT to £28.8m, slightly ahead of our recently upgraded forecast. Its core customer-facing business, Studio, continues to thrive in a mixed retail landscape and management is rightly focused on a range of initiatives to raise the brand profile (including changing the company name from Findel to Studio Retail Group), further improve profitability and tailor the responsible consumer credit offer to its customer’s needs. Group core net debt reduced further to £57.4m, after strong working capital generation, and the customer redress programme is now materially completed.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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