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Findel’s education sales up 6% but bad debts hit hard

publication date: May 1, 2008
author/source: Ed Tranham

Findel expects to see sales up 6% to £178m at its educational supplies division when results for the year ending 31 March are released later this month. This follows a decline in the previous year. With a 10% market share, Findel is well placed to grow through consolidation of a market characterised by some strong regional players and a lot of small operators with limited product ranges.

Overall Findel expects to achieve record sales of £640m, an increase of 17%. However, following a review of its home shopping debt book, the bad debt provision will be £5m higher than had previously been anticipated. In these nervous times Findel’s share price immediately crashed 36% to 280p.


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