Findel PLC Trading Statement (4397Y)

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RNS Number : 4397Y

Findel PLC

09 May 2019

9 May 2019

Findel plc ("Findel" or the "Group")

Trading Update

Findel, the online value retailer and education business, gives the following update on trading following the close of its financial year to 29 March 2019.

Studio saw good trading in the seasonally quieter weeks of Q4, with garden ranges benefitting from the warmer weather in early February and homeware ranges trading well throughout. Collections and recoveries from credit receivables have been in line with plan.

Education saw an acceleration of its customer recruitment during Q4 and a further increase in online ordering levels, which is encouraging as we go into the new financial year.

The draft unaudited results show that the full-year PBT(1) for the year ended 29 March 2019 is slightly above current market expectations of GBP27 to GBP28 million.

The Group's core net debt(2) ended March 2019 at c. GBP57m, down from GBP73.8m at the end of March 2018.

The Group's audited results are scheduled to be announced on Wednesday 5 June 2019.

For further information please contact:

 
 Findel plc 
  Phil Maudsley, Group CEO 
  Stuart Caldwell, Group CFO      0161 303 3465 
 
 
   Tulchan Communications 
   Catherine James 
   Will Smith                     020 7353 4200 
 

Notes:

1: Before fair value movements on derivatives and individually significant items

2: Bank debt excluding securitisation borrowings and finance leases, net of cash in hand

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May 09, 2019 02:00 ET (06:00 GMT)