HOME shopping group Findel said yesterday that it expects a “substantial” boost in profits thanks to a strong performance from its two largest businesses – Express Gifts and Findel Education.
Revenues increased by five per cent in the year to 28 March compared with the previous year, driven by Express Gifts which accounts for more than half of the business and posted a 9.7 per cent jump in sales.
Findel has been repairing its balance sheet following a debt-fuelled acquisition spree in the last decade and discovering accounting errors in 2010 that wiped £6m off profits.
The group said it has cut its net debt by £18m to £207m. Pre-tax profits are expected to be in line with forecasts of between £22m to £22.5m, up from £15.5m in 2013.