Findel "disappointed" with results
Free email from MoneyWeek
Money
Morning is the FREE daily email from MoneyWeek – a punchy round-up
of the latest investment news and profit opportunities. DON’T MISS
IT!
This genius investor does dizzying levels of research to uncover...Half Price Shares!
Mail order specialist Findel said it has made progress in the year but is "disappointed" with the final result in light of its previous exceptions.
The group issued a profit warning in April saying year-end bad debts would increase at its Home Shopping arm.
"The economic effects of the credit crunch spread into customer's pockets affecting their payment behaviour and resulting in an increase in bad debt," said the group today.
(Article continues below)Advertisement
For the new year, the group said all divisions have made positive sales progress in the first six weeks, with overall sales some 5% ahead.
Pre-tax profit for the year to March rose to £34m from £16.4m last year on turnover that increased 16% to £634.
Total dividend was raised to 22.2p from 19.8p in 2007.
FREE! For all our latest advice on making profitable investments, claim your 3-week FREE trial of the MoneyWeek website and magazine now.
Money Morning is the FREE daily email from MoneyWeek
– a punchy round-up of the latest investment news and profit opportunities.
DON’T MISS IT!
