Findel, the online retailer and education supplier, has announced “strong growth” among its schools-focused brands.
In an interim management statement for the period from 31 March 2012 to 25 July 2012, Findel said the turnaround in its education supplies business “continues to progress well”. Overall, the group reported sales during the period 8% up from last year.
The group said it was encouraged by trading in the first 16 weeks of the financial year, which suggests that its turnaround programme is “gaining traction”.
The group added: “Whilst the peak sales periods for the group are still to come and we remain cautious of the continuing pressures on consumer and government spending, we expect the current positive trading trends to continue.”
In full year results announced in June, Findel said its pre-tax profits had increased to £10.7 million (2011: £7 million).
But after accounting for restructuring costs of £14.5 million and a goodwill charge of £8.4 million on the education business, the group’s reported loss before tax was £12.1 million (2011: £1.4 million).
Findel also said sales in its education business had declined 11.8% during the year, to £108.3 million (2011: £122.9 million).