Findel profits rise, driven by Studio

In the year to 29 March, pre-tax profit jumped 33% to £29.4m on revenue of £506.8m, up 5.7% from 2018.

Findel said Studio continued to drive the group performance, with strong growth in customer numbers, sales and profits. It added that Studio enjoyed a "particularly strong" trading performance in the run-up to Christmas.

The company also announced plans to change its name to Studio Retail Group.

Chief executive Phil Maudsley said: "These strong results reflect the clear transformation of the group into a digital-first, value led retailer.

"In particular, Studio has prospered in current market conditions. We have rapidly grown the active customer base to 1.9 million over the last three years, with new customers drawn to the incredible value we offer, while existing customers are shopping with us more frequently and across wider ranges.

"Our education business has also adopted a digital-first mentality with an objective to save schools time and money to win back customers and I am delighted with the progress that continues to be made."

Last month, Sports Direct's mandatory £139.2m offer for Findel lapsed after it failed to get the required level of support from shareholders.

Sports Direct offered to buy the group back in March after agreeing to purchase 6 million shares in the business from a single shareholder, City Financial Absolute. This took its holding in Findel to 36.8% from 29.9%, above the 30% mandatory offer threshold set by the Takeover Code.

Findel had been vocal in its rejection of the "highly opportunistic" offer, which it said "significantly" undervalued the group.