Trading Statement

    15 October 2003

                                  FINDEL PLC                                   

                                Trading update                                 

The Board of Findel plc, the Yorkshire based Home Shopping and Educational
Supplies business, today announces a trading update for the six months ended 30
September 2003.

Group sales in the first six months of the current year increased by 15%
compared with the same period last year. I previously advised you that during
2002 the Group withdrew from a number of unprofitable third party service
contracts and, excluding the effect of these, Group sales rose by 18%. The
Board estimates that operating profit for the half year was in line with its
expectations.

The pattern of strong sales growth in Home Shopping, established over the last
four years, has continued and the division achieved an increase in sales of
28%.

In the Educational Supplies division, sales increased by 9%. Like for like
sales in the division, excluding the contribution from the A to Z Supplies
business acquired during the period, declined by 2%. Strong performances from
Export and Direct Care operations compensated for a 13% reduction in sales from
our main UK education brands, albeit at lower margins. Our school customers
continue to experience funding difficulties, notwithstanding the Government's
renewed commitment to provide a real increase in funding.

Sales in Findel Services fell by 13% compared to the same period last year.
However, after adjusting for the elimination of unprofitable contracts referred
to above, underlying like for like sales in the division rose by 11%.

The Board remains confident of the Group's prospects ahead of the seasonally
important second half of its financial year.

For further information please contact:

Keith Chapman, Chairman, Findel p.l.c.                          01943 864 686
                                                                             
Tony Johnson, Group Chief Executive, Findel p.l.c.              01943 864 686
                                                                             
Richard Fallowfield, CardewChancery                             020 7930 0777



END