Findel (FDL)

Business description

Findel comprises market-leading businesses in the UK online value retailing and education supplies markets. Findel’s objective is to develop sustainable growth in a marketplace for value-conscious customers who are rapidly moving their purchases online.

Stock data

Market cap.£152.6m
Last close176.50p
High / Low (52 weeks)215.8p / 159.5p
Stock market listingLN
Forecast net debt (£m)237.6
Forecast gearing ratio (%)639
SectorGeneral Retailers

Price performance

Relative *9.4(11.1)(22.9)

* % Relative to local index

Other companies in sector Show

Company news

Findel PLC

Fri, 27 May 2011 19:31:53 GMT

Findel's Express Gifts subsidiary enters redress scheme with the FCA over the ...

Fri, 17 Feb 2017 08:15:56 GMT

Findel appoints new CEO, full year profits to miss market forecasts

Thu, 06 Apr 2017 10:10:08 GMT

Sales boost at Findel but Kitbag posts loss

Wed, 27 Nov 2013 09:14:41 GMT

Findel raises refund provision to almost £30m

Thu, 30 Mar 2017 10:48:33 GMT

Investment summary

Express Gifts, the value retailer, now 63% online, contributed 98% of profit in FY17. Pre-tax profit was down 10%, mainly on Education division headwinds and Express margins. Express revenue grew 16%, but new customer margins were lower and currency was adverse. Exceptionals of £82m were mainly on updating the debt provisioning formula, provisions for financial product liabilities, and goodwill write-downs. Phil Maudsley, formerly MD of Express Gifts, was appointed CEO and Ian Burke has stepped back to non-executive chairman. We reduced our FY18 EPS forecasts by 7% but have an increased 324p target, reflecting the strategy of moving inexorably to become a pure-play online retailer.

Last updated on 06/09/2017

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 410.6 41.8 24.8 23.0 7.7 17.1
2017A 457.0 40.8 22.2 20.4 8.7 12.4
2018E 485.2 46.5 26.0 24.9 7.1 21.4
2019E 507.6 50.9 28.5 27.3 6.5 5.1

Last updated on 29/08/2017

Latest video

Executive interview - Findel

Industry outlook

UK retail sales (excluding fuel) increased 5.2% y-o-y in Q2 and volumes (excluding fuel) rose by 1.1% q-o-q, reflecting good weather. However, July online sales increased 15.1% y-o-y, representing a continuing tailwind for Express Gifts. Pressure on schools' budgets continues to restrain Education, which is why it is focusing on self-help measures.

Last updated on 06/09/2017

Key management

Ian Burke , Chairman
Philip Maudsley , CEO
Stuart Caldwell, CFO
Philip Maudsley , CEO

Company address

Church Bridge Street,
Henry Street,
United Kingdom
+ 44 (0)161 303 3465
View website