Findel posts £60m loss as it increases bad debt provision
Hyde-based Findel Plc has posted a full year pre-tax loss of £59.4m as a result of onerous lease costs and customer financial redress.
Group revenue increased 11.3% to £457m, with adjusted profit before tax from continuing operations of £22.2m, down by £2.6m, which the company said was down to investment for future growth and digital transformation.
The group has increased its bad debt provision for Express Gifts to £35.2m.
Findel said this, along with £21.2m relating to impairment of intangible assets; £7.5m for onero... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
