22 January 2015 – trading update
Overall, Findel continues to make good progress. Express Gifts has driven overall performance and Kitbag has been making a strong recovery. The group remains on track to deliver full year results within the range of market expectations and achieve an operating margin in excess of 7% for the full year. Net debt has been brought down and stood at £82.4m at the year end. Group CEO Roger Siddle has said he will stand down at the year end. On balance we continue to rate the shares as a BUY.