Findel plc, the Burley-in-Wharfedale-based home shopping and educational supplies business, has posted record results.

The company reported turnover up by nine per cent to £458.1 million for the year to the end of March with pre-tax profits racing ahead 17 per cent to £48 million.

Turnover in the home shopping division was up eight per cent to £225.8 million with operating profit up 26 per cent to £42.7 million.

In the educational supplies division, where a restructuring programme is being completed, turnover was ahead by 18 per cent to £1161.2 million with operating profit up by nine per cent to £15.5 million.

However, turnover slumped by seven per cent in the firm's services division with operating profit static at £2.6 million.

Earnings per share rose from 36.2p to 40.89p with a final dividend of 12.9p.

Findel chairman Keith Chapman said: "The continued success of our home shopping division, together with exciting prospects for our educational supplies division supported by the benefits of the reorganisation, underpin the board's confidence for the future."

Last year Findel acquired Huntley National Care which supplies community care equipment and GLS Educational Supplies, a supplier to London and the home counties for £27 million.

"Excluding the two acquisitions made last year, group sales are 11 per cent ahead with all three divisions contributing," he added.

Mr Chapman said the educational supplies division had grown both organically and through acquisition over the past four years. He said the results incorporated an exceptional charge of £3.3 million and during the current year restructuring changes would cost an estimated £10 million.

He said the reorganisation would be completed by summer 2006, by which time it would mean annual savings of £8 million. "When you grow from £45 million to £161 million in four years you have a bit of tidying up to do and that's what we'll be concentrating on this year," he said.

He said group sales in the first six weeks of the new financial year were 37 per cent ahead of the same period last year. In home shopping there is concern about consumer confidence.