Findel hails 'solid' start to year, backs FY outlook

Findel, which was recently subject to a £139.2m offer from Mike Ashley's Sports Direct, said on Thursday that it has made a "solid" start to the year.

In an update ahead of its annual general meeting, the home shopping specialist said guidance for the full year remains unchanged.

In the 16 weeks to 19 July its largest business, Studio, saw revenue grow around 3% against a strong comparator the prior year, with recent weeks showing "significantly" stronger levels of growth.

Findel said the rollout of new technology enhancements ahead of the peak trading period, such as the Studio app and cash at point of sale payment options are on track. Meanwhile, its value proposition "continues to prove attractive to customers," it said.

The company said its education segment has seen a "good" start to its peak back-to-school season, driven by further increases in online ordering levels and broader use of digital tools to help schools save time and money.

Sports Direct said in May that its offer for Findel had lapsed after it failed to secure the required level of support from shareholders. The retailer offered to buy Findel in March after agreeing to buy 6 million in the business, taking it over the 30% mandatory offer threshold set by the Takeover Code.

However, Findel was vocal in its rejection of the bid, which it deemed "highly opportunistic".

At 1230 BST, the shares were up 4.3% at 245p.