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Findel sees revenues rise and Black Friday boost

Findel reported a group like-for-like revenue rise of 6.5% to £213m for the 27 weeks to 30 September 2016.

Findel has two divisions, Express Gifts, which includes discount clothing under the Studio fascia, and Education. Sports Direct boss Mike Ashley owns almost 30% of the business.

The Express Gifts division of the company saw product revenues up 12% and reported revenue up 18.7% for the period. The division’s customer base grew 12% for the period. Express Gifts also saw a Black Friday boost, with sales up 36% compared to the week last year.

However, the overall group’s profits before tax fell to £1.9m, down from £3.4m in the same period last year. Like-for like revenue in Findel’s second division Findel Education fell 5.4%, 4.2% on a reported basis.

Dave Sugden, executive chairman, commented: “The strong trading performance of Express Gifts is extremely encouraging. It represents continued delivery against our digital strategy and gives us confidence to further increase investment in marketing and customer recruitment.

“Looking ahead, we remain confident that the ongoing investment in both our businesses will deliver improved returns for shareholders.”

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