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Findel

December 2012

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Surprising to see a pullback on the H1 results, which demonstrated further progress in the recovery plan at Express Gifts and a reduction in debts. Sales overall were up £20m or 8% to £275.1m and the group also moved back into the black with a modest £0.5m operating profit versus a £0.6m loss - whilst Findel also says that the underlying performance was £1m-1.5m better than this because of the effect of moving its education catalogue launch from January to April. Net debt including the catalogue securitisation facility was down £5m to £252m but within this the core net debt figure, which is key for bank covenant testing has fallen by £14m to £153m.Divisionally, not a great deal ...

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Scapa

Macfarlane -Subtle play on internet shopping

Findel - Soon-to-be-prospective PE of just 7.9 (March 2015)

Findel (January 2014)

Findel - Highly geared for the long haul (September 2013)

Findel - Express Gifts momentum continues (July 2013)

Findel (April 2013)

Findel (February 2013)

Findel - Shares spike up on institutional buying (January 2013)

Findel -Prospective PE of 6.2 (November 2012)

Findel (May 2010)

Findel (February 2010)

Findel (October 2009)

Findel - PE of 7.7 versus sector average of 14 (September 2009)

Findel - Forecast upgraded following GLS acquisition (January 2005)

Findel - No loss of momentum on either side (June 2004)

Findel - Subprime recurring revenues (July 2002)

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