Findel, the online value retail and education business, is pleased to announce the appointment of Stuart Caldwell as Group Chief Financial Officer (CFO) with immediate effect.
We are pleased to present this report on a year in which progress has been made in strengthening the Group in a number of areas that will considerably improve longer-term prospects. We now have a well-financed Group focused solely on the growth of two core businesses - Express Gifts and Findel Education.
We believe that this represents a turning point in the development of Findel, as we can now focus on generating enhanced shareholder value from strong organic growth in our two core businesses as opposed to being focused on restructuring. Notwithstanding this progress, the financial performance in the year was challenging. Overall profit before tax* from continuing operations slipped from £27.7m in FY15 to £24.8m.
Both of our core businesses contributed to this decline. This underlines the need for the prompt actions which we have taken and we are confident that these will improve our performance. A positive start to the current year supports our confidence.