Edison Investment Research - Studio Retail Group (STU) Findel - Strong Q1 gives firm base ahead of peak trading

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Edison Investment Research

Findel - Strong Q1 gives firm base ahead of peak trading

Findel has made a strong start to FY19, with both businesses trading in line with expectations for the 16 weeks to 20 July 2018. Revenue growth at the key Express Gifts division has accelerated over that of FY18, while the turnaround at Education continues with the customer base now in growth. We retain our forecast and 428p valuation.

26/07/2018 2 EN

Underlying

Studio Retail Group

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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GB00B8B4R053 United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Findel - Strong Q1 gives firm base ahead of peak trading

Studio Retail Group (STU): Revenue aspiration with a wow factor

Studio Retail Group - Revenue aspiration with a wow factor

Studio Retail Group - Revenue aspiration with a wow factor

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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