Findel hq

Online home shopping group Findel has reported a good sales performance in its latest trading update ahead of its half year results, which will be announced next week.

Findel said that the Group saw overall sales on a like-for-like basis 6% ahead of the prior year, with Express Gifts continuing to perform well and Education showing a marked improvement.

Within its Express Gifts arm, like-for-like product sales for the half year were 12% ahead, whilst total sales were also up by 12%.

The group said that growth has been driven by a combination of growth from the established customer base of 9% and a very strong response to the new recruitment campaign.

Findel said: “The business is well on the way to achieving its target of recruiting 100,000 new customers, on a net basis, for the full-year as the recruitment process has exceeded expectations as a result of the extra investment in customer acquisition.

“As previously guided, bad debt costs are expected to rise this year as a result of refinements to the management of the credit book, lower debt sales than expected, and the increase in product sales. “

Furthermore, Findel confirmed that the search to replace outgoing executive chairman, David Sugden, is still ‘ongoing’, although it expects to make another announcement ‘shortly’.

The group also announced that Express Gifts has been granted full Financial Conduct Authority (FCA) approval for its consumer credit business following its application back in October last year.

Findel will announce its interim results for the 27-week period ended 30 September 2016 at the end of November.