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Findel shares jump as full-year performance expected at upper end of expectations

The retailer said strong growth in customers and sales at its Express Gifts shopping service had been a key driver in its performance for the year
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Findel said around half of sales are now coming through online channels

Findel PLC (LON:FDL) saw its shares jump in lunchtime trading Tuesday after it expected full-year performance to be at the “upper end of market expectations”.

The retailer said strong growth in customers and sales at its Express Gifts shopping service, particularly during the Christmas period, had been a key driver in its performance for the year.

READ: Findel strong first half driven by home shopping business

While trading in its fourth quarter was quieter, mainly due to changes in marketing activity,  the business had benefited from stronger collections and recoveries from its credit receivables to contribute towards overall operating profit growth of around 20% for the year.

The group also said the operational turnaround of Findel Education was progressing well, with its core UK brands seeing sales decline narrow to 2% in the second half after a decline of 10% in the first.

Findel said around half of sales are now coming through online channels, up sharply from around 18% at the start of the year.

The company also said net debt had declined £7mln to £74mln at year end, die in part to favourable timing differences, with the outflows from the legacy customer refund programme remaining on track.

Shares in Findel were up 5.5% at 265p.

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