Roger Siddle, Findel chief executive, likens the online and catalogue retailer to an aircraft that has pulled out of a dive. Losses widened, with £14.5m of one-off restructuring charges and writedowns. But core revenue has grown, by £5.2m, for the first time in three years.
Contracts with suppliers are being renegotiated. Second-half operating profits were 7.5 per cent ahead year on year. Express Gifts, accounting for over 40 per cent of revenues, grew 8.3 per cent year on year for the year.
With divisions spanning education, sport, household goods and healthcare – and £230.7m of debt – Findel is unwieldy. But a forward price to earnings ratio of 5.9 offers scope to climb.
| Year to March 30 2012 | % change | |
|---|---|---|
| Sales | £537.8m | -0.05 |
| Pre-tax profit | -£12.1m | -877 |
| EPS | -0.29p | N/A |
| Dividend | 0p | 0 |