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Findel reports record first half results

Findel, the home shopping group which owns The Cotswold Company and Kitbag businesses, saw pre-tax profit shoot up 107% to £8.5 million for the six months to September 30.

Group sales grew 33% to £293.3m over the period. The group said that it was a record first half year in sales and profit which was boosted in part by strong growth in internet sales, which rose to account for more than 50% of home shopping sales.

Within the group, home shopping sales were 59% up at £176.5m and like-for-like sales rose 9% over the six month period. Operating profit increased by 51% to £8.6m. The company said that most of its Christmas sales had already been booked via its credit business and that sales for the first 34 weeks to November 23 were ahead 7%.

Findel chairman Keith Chapman said: "Progress has been driven in home shopping with a strong performance from our long established credit business and through the integration and growth of Findel Direct. We have also seen excellent growth of sales via the internet."

Chapman added: "I firmly believe that the group is in the right place at the right time. We have no exposure to the high street and our home shopping retail business is balanced by a blue chip educational business."

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